Richard Nash, the Vice President of Paypal Holdings Inc has affirmed that the payments services giant is on track to float more products bordering on crypto and blockchain technology in the near future.
The revelation was made in an exclusive interview with Cointelegraph at the World Economic Forum (WEF) with Nash noting the likelihood of integrating a wider range of blockchain-backed services in the near future. Paypal started supporting Bitcoin (BTC) and a small list of three other altcoins with buying, selling, and custody services, an offering that it has taken to the UK.
The company has also floated a crypto checkout service and its affiliated subsidiaries including Venmo have also lent support for digital currencies the ambitious future plan of the company was exposed by Richard Nash on Monday.
“Just walking slowly in the crypto shield with buys or holds in certain jurisdictions. […] Looking to work with others to embrace everything we can, whether it’d be the coins that we have today in PayPal digital wallets, private digital currencies or CBDCs in the future,” he said.
Several companies are building their capacity within the digital currency ecosystem as a broad acceptance of crypto and blockchain-linked services is a precursor to dominating the industry that many still see to be in its infancy.
While still largely undefined, Paypal comes off as one of the biggest Wall Street firms to adopt cryptocurrencies, and as such may be able to push new innovations to mainstream financial services users and investors.
The Emergence of the Paypal Crypto Coin
Earlier, Paypal confirmed its plans to launch a new stablecoin token which it dubbed the Paypal Coin.
The move for the Paypal coin comes with regulators seeing these tokens that typically maintain a 1:1 peg with the US dollar-based on well-guarded reserves, as an acceptable revolution when it comes to digital payments. With the likelihood of regulators maintaining a soft stance on stablecoins in terms of regulations, Paypal wants to get to the front of the queue to combat Circle’s USDC stablecoin.
The industry is still very young and Paypal, considering how big the ecosystem will be in the near future, is making room to channel its growth strategies in line.