PayPals Crypto Move Paves the Way for Its Own Cryptocurrency, Says CoinShares Exec

Thursday 22 October 2020, 9:48 PM AEST - 1 month ago


Payments giant PayPal letting its users buy, sell and hold cryptocurrencies on its platform could be paving the way for PayPal to launch its own cryptocurrency, possibly within the next 6-12 months, said CoinShares Chief Strategy Officer Meltem Demirors.

Speaking to CNBCs Fast Money, Demirors revealed that PayPal adding cryptocurrency buying and selling options will be a huge on-ramp for consumers as it will make access to cryptocurrencies easier. She added, however, that the cryptoassets will be within a walled garden on the PayPal ecosystem.

As CryptoGlobe reported, the fintech firm is letting users buy, sell and hold crypto within their PayPal accounts, but will not let users deposit or withdraw cryptoassets to a wallet they control the private keys of. Per Demirors, no crypto is coming from outside the PayPal environment, which is eventually paving the way for PayPal launching its own cryptocurrency.

Demirors added that PayPal was part of Facebooks Libra Association before dropping out of it, and as such she wouldnt be surprised that in the next 6-12 months we see PayPal launch its own cryptocurrency similar to a digital dollar that we see in many payments companies we see in the Asia-Pacific region in particular.

$PYPL is cashing out on crypto. Coinshares' @Melt_Dem says this is how the move could impact Bitcoin and future of fintech. $BTC

— CNBC's Fast Money (@CNBCFastMoney) October 21, 2020

During the interview with CNBC, Demirors pointed out that PayPal expanding the crypto buying and selling feature to its Venmo payments app is really exciting as it has 300 million active users who are millennials and the target audience for bitcoin, the type of investors interested in holding bitcoin.

In terms of retail exposure to cryptocurrencies, she added, PayPa ...

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