PayPal, one of the biggest online payment platforms has just confirmed that it is busy working towards bringing crypto capabilities to its platform.
Currently, PayPal has in excess of 277 million active accounts globally and available over 200 markets worldwide. Through a PayPal account you are able to receive money in more than 100 currencies, withdraw funds in 56 currencies and hold balances in your account in 25 currencies.
PayPal was introduced to Australians in 2005, with 7 million active accounts in Australia alone.
The Block has reported that the decision made by PayPal to introduce crypto capabilities to its platform was detailed in a letter to the European Commission in March 2020.
“As an innovative FinTech company and by virtue of its mission, PayPal is monitoring the evolution of the crypto-asset space,” PayPal announced.
PayPal initiated its crypto developments last year when they joined with the Libra Association, also at the same time becoming the first company to quit the consortium, which is followed by MasterCard, Visa and others.
The online payment platform has stated,
“PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefor – 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.”
In Europe alone, PayPal has a major presence, operating in 31 European jurisdictions and serving upwards of 95 million merchants and customers.
“PayPal is continuously monitoring and evaluating global developments in the crypto and Blockchain/distributed ledger space. PayPal would be supportive of a harmonized approach across EU markets on applicable licensing or authorization requirements.”