PayPal may issue its own cryptomeda soon, says CoinShares executive

The CoinShares CSO believes a PayPal token with a focus on payments may be released soon.

PayPal may issue its own cryptomeda soon, says CoinSharesNOTÍCIAS executive

Global digital payment giant PayPal may be starting to issue its own cryptomeda after officially entering the cryptomoeda industry, according to a leading industry executive.

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Meltem Demirors, CSO of digital asset management company CoinShares, says he will not be surprised if PayPal issues its own token after the company releases news of its future support for cryptomorphs.

In an Oct. 21 interview for CNBC’s Fast Money, Demirors said PayPal’s support for cryptomorphs could eventually become a basis for launching a token of its own. He said:

“I would not be surprised if within six to 12 months we saw PayPal launching its own digital currency, similar to a digital dollar that we see in many payment companies.
Demirors said PayPal may be interested in launching its own token, as the company has officially left the Libra Association, the parent entity of the Facebook digital currency project Libra. A member of the association at the launch of the project in June 2019, PayPal left the initiative several months later, claiming it did not want regulatory scrutiny of Libra to “bleed its business.

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PayPal CEO Dan Schulman later said that these regulations and compliance are critical to PayPal as a trusted company around the world. He also said PayPal is developing a product that “is not necessarily competitive with Libra.

On Oct. 21, PayPal officially announced that the company would launch the ability to “buy, maintain and sell” a number of cryptomycins, including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly with PayPal’s digital wallet. With the new feature, PayPal customers will be able to use their cryptomaches to make purchases from any of PayPal’s 26 million merchants around the world from the beginning of 2021.