PayPal wants to push the adoption of blockchain technology in traditional banking

With the help of the launch of a stable coin, PayPal may open a gateway for the traditional banks to enter the blockchain world, and further, it will act as a catalyst to push the traditional industry to look back in the crypto industry.

PayPal is a giant payment firm and this firm already stepped its feet in the crypto industry in 2020 end and now its crypto services are available for its users globally under full compliance and also users don’t need to go through the third-party platform but at PayPal, users are limited to the platform to buy sell assets, they can’t go outside the ecosystem of PayPal, this is an indication that PayPal wants to work under full compliance and transparency. 

Recently a developer found that the source code in the PayPal’ iOS app has some hints that PayPal is working on its coin, PayPal coin. Later PayPal executives confirmed that report and claimed that they are in the very initial phase of development. 

In the present time, we know very well how US dollar-pegged stable coins are doing their best to provide ease for the crypto traders to move funds from one exchange to another exchange or from one person to another person without any involvement of third-party services with nominal transactions fees. 

Here PayPal wants to do the same work but under full compliance and full regulatory approval so that it can involve the traditional banks. If banks will officially adopt stable coins, which are 100% legal then in that situation traditional banks will be able to understand blockchain technology in a better way and also they will try to step more eagerly in the blockchain industry. 

Marwan Forzley, the CEO of online payments platform Veem, shared his thought on the future adoption of stable coins by Banks and noted that PayPal could act as a catalyst to boost the adoption of blockchain technology by banks. 

“PayPal Coin could fuel general interest in payments overall. Consumers and small businesses alike are looking for a safe and reliable alternative to traditional currencies and payment networks.”

Max Galka, CEO of blockchain search engine Elements, also shared his stance and claimed such efforts by PayPal may push the other companies to look into the Crypto niche. 

“Right now, there aren’t that many well-established, trusted organizations in this space where trust is such a critical component. PayPal would be one of the first major financial companies to embrace crypto.”

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