Friday, October 23, 2020

PayPal To Create Cryptocurrencies!

After PayPal announced its crypto currency support system yesterday causing a spike in Bitcoin (BTC), the firm allegedly set up its own cryptocurrency assets.

CSO of digital asset management firm, CoinShares, Meltem Demirors thinks that PayPal's involvement in the crypto sector has paved the way for the firm to launch cryptocurrencies and this is not surprising news.

"Maybe in 6 to 12 months, PayPal will announce the launch of crypto currency. Just like the digital dollar seen in most payment companies. ” he said.

The decision was taken after PayPal withdrew from Libra Facebook's main crypto organization, Libra Association in October 2019 because it did not want the firm's crisis to affect their business.

Most recently, PayPal was reportedly trying to own an assetcare firm, BitGo Inc and the two companies are still in talks.

BitGo is a digital asset management firm founded in 2013, raising $ 15 million in a deal led by Goldman Sachs and Galaxy Digital in 2018.

Although the decision is expected in the next few weeks, there is no guarantee that PayPal will succeed in owning BitGo. PayPal should target new targets if they are really interested in pursuing their plans.

Users interested in the cryptocurrency service offered by PayPal digital wallet, the service will be fully opened in early 2021. It involves the purchase, ownership and sale of several cryptocurrencies including Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin ( LTC).