Like Apple Inc.’s iPhone, the startup’s mobile app also has a wallet app on which users can store other digital currencies for use in PayPal’s services. The company confirmed that an update to the company’s iOS app had a function that supports buying crypto with PayPal, citing “an internal test.”
PayPal is not alone in trying to mine cryptocurrencies. Coinbase Inc., the largest U.S.-based cryptocurrency exchange by volume, is working to develop its own stable-coin, according to people familiar with the matter.
Coinbase declined to comment. A spokesman for PayPal declined to comment, as did a representative for Apple Inc., which owns the iPhone and recently launched its own mobile payments service called Apple Pay.
PayPal's New Currency
PayPal Holdings Inc. (PYPL) is in the early stages of launching its own stable coin, according to Richard Jacobs, the company's chief financial officer.
PayPal has been exploring the use of stable coins such as bitcoin and ether to help facilitate transactions in the digital currency industry. A stable coin would serve as a buffer between the value of a digital currency and its fiat equivalent, to protect against price volatility.
Jacobs told CNBC there is "no way" that PayPal's own cryptocurrency would be based on bitcoin or ether but said he thought it would be more practical for PayPal to launch its own stable coin if that was what was needed for future growth in overall transactions.
Jacobs said: "If that is what we are going to do then we have some options — we can just create our own crypto-currency, or we can use something like bitcoin or ether."
For more details CLICK HERE---https://bit.ly/3ujuqBE