PayPal Reveals New Insight on Potential Plans to Add Crypto ‘Capabilities’

PayPal is offering a glimpse at its stance on digital assets amid reports that the payments giant is preparing to allow its users to buy, sell and store cryptocurrency.

In a letter submitted to the European Commission, the payments processor says it is tracking developments in the digital assets industry as it works to understand the crypto space and how the blockchain technology can provide financial solutions.

“Of particular interest for us is how these technologies and crypto-assets can be utilized to achieve greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services. We also have great interest in how these technologies can be used to promote transparency and enhance compliance efforts.“

PayPal says it started taking a serious interest in crypto when it joined the Facebook-led Libra Association last year, with the intention of learning how blockchain can help provide financial services to the unbanked.

“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial services.”

The payments company left the consortium in October 2019.

Last month, PayPal grabbed headlines when rumors that the payments titan is planning to launch cryptocurrency services for its 305 million active account holders surfaced. The company fanned the flames after posting job vacancies for crypto and blockchain experts.

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