PayPal Confirmed Development of Crypto Capabilities

Global payments giant PayPal has revealed that it is developing crypto capabilities. It is revealed in letter to the European Commission.

Global payments giant PayPal has revealed that it is developing crypto capabilities. It was announced in the letter which this company sent to the European Commission in March. It was published in June.

This letter was originally submitted on March 20th. The document was intended as a response to the European Commission’s public consultation on building a European Union framework for markets in crypto assets. The feedback period lasted from December 2019 through March 2020.

In the letter to the EU, PayPal outlined what the background was. “In 2019, PayPal initially signed a non-binding letter of intent to participate in the Libra Association with the intention of learning more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe.

Payments giant also wrote it is “monitoring the evolution of the crypto-asset space“. Also, that it has taken “unilateral and tangible steps to further develop its capabilities in this area.

Earlier in June, it was reported that PayPal was considering introducing direct sales of crypto assets and offering users to store their crypto using the company’s in-house digital wallet. However, when asked to confirm this information for Cointelegraph, they said that “PayPal does not comment on rumors or speculation.

Since you are waiting for PayPal to develop crypto capabilities, you can use cryptocurrencies to play games safely.

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