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The news of PayPal entering crypto and joining this industry could mean nothing but acceleration for the most dominant coin, the Bitcoin news now show. Even though we cannot still predict all of the outcomes of a decision like this, it is evident that the global payments giant PayPal was rumored to be considering listing cryptocurrency assets on its platform.
With around 325 million active accounts worldwide, PayPal entering crypto could mean great news for the industry. Currently, the company is hiring crypto and blockchain specialists which hints on more news and updates coming from the firm. Also, it means that the potential arrival of cryptocurrency on PayPal could be more than just a wild guess.
If you are wondering how PayPal entering crypto would favor the payment processor, it is simple. With commissions of around 5% on all payments, it is true that the company will benefit from listing cryptocurrency assets.
Back in 2013 when David Marcus was president of the payments company (now leading the Facebook backed digital wallet Novi), he told Bloomberg that “it’s just a question of whether Bitcoin will make its way to PayPal’s funding instrument or not.”
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A couple of months later, the CEO at eBay (which was the parent company of PayPal) John Donahoe confirmed that the payments platform will have to integrate Bitcoin (BTC) one day. This is when the rumors of PayPal entering crypto started, and how the payment giant partnered with three other payment processors in September 2014 – BitPay, Coinbase, and GoCoin.
When PayPal started splitting off from eBay, it became a separate public company. By July 2015, PayPal was independent and Donahoe took over as the payment platform’s chairman, while Dan Schulman became the CEO. Later on, PayPal appointed Wences Cesares as the CEO (who is now the CEO and founder of the Bitcoin wallet Xapo) which is when the rumors started spreading even more.
PayPal entering crypto is still something that is unconfirmed in the cryptonews and there hasn’t been an official update on it – the company commented that they cannot comment on rumors or speculation. However, the latest 10-K form filed with the United States Security and Exchange Commission (SEC) shows that PayPal mentioned “rapid” developments in blockchain and virtual currencies.
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