- Paypal seals partnership with Paxos
- Crypto trade via Paxos on Paypal possible
- More rumors about Bitcoin ambitions from Paypal
The crypto sector has been developing at an ever faster pace in recent years and even long-established, traditional companies are devoting themselves to the subject.
The payment service provider Paypal has been on the rumor list for quite some time, when it comes to companies that could soon integrate Bitcoin as a currency.
By cooperating with Paxos, Paypal is probably taking an important step in the right direction.
Paypal and Bitcoin – A long cherished dream
Hardly any other company has been associated in recent years with a possible Bitcoin adaptation as often as Paypal. However, the local payment service provider still works purely on a FIAT basis and does not accept any cryptocurrencies.
Recently, rumors have been boiling up again, as resourceful users from the community found Paypal job advertisements in which cryptographers were being sought. The first advertisement was „Technical Lead Crypto Engineer“.
This new employee should then be responsible for „new innovations for Paypal worldwide with focus on agility and market introduction“. This would include the development of „crypto products“. Furthermore, a „blockchain engineer“ was sought in the second call for tenders.
While this could mean integration of Bitcoin into the Paypal system, one should not praise the day before the evening. A cryptographer and a blockchain engineer could just as well mean that the company is working on its own cryptocurrencies.
Paypal and Paxos – indirect entry into Bitcoin?
In a report that appeared today on TheBlock, Paypal and Paxos, a service provider for B2B cryptosolutions and infrastructure, talk about an upcoming cooperation. Thus Paypal would not have to tinker with its own solution, but could use the already finished ones from Paxos. A statement from Paxos is currently not available and it remains unclear which cryptocurrencies would be accepted.
Cryptocurrencies at Paypal – Only a question of time?
In the eyes of many experts it is only a matter of time until Paypal actively offers crypto solutions. Too big is the long-term potential, which one would certainly not want to leave unused instead of Paypal. After all, cryptocurrencies are first and foremost a direct competitor to traditional payment service providers who have to face the new technology.
Previously Paypal was already a member of the Libra Foundation. Libra is the organization that is working with Facebook on its own digital currency. However, due to ongoing regulatory issues and legal pressure, Paypal decided to withdraw from the association in October 2019.
Conclusion: Paypal and Bitcoin – time will tell
The entry of Paypal into cryptocurrencies would be phenomenal for the external effect. Many people still have no or very low confidence in cryptocurrencies. If a large company like Paypal, which is already known as a payment service provider, suddenly accepts Bitcoin, this would send a positive signal to the outside world.
Other companies could then also take an example from Paypal. Another company, which has now been frequently associated with Bitcoin, is the world’s largest online auction house, eBay. But even here there have not been any concrete developments to date.
I am convinced that in the next 2-3 years we will see many large companies accepting Bitcoin as a means of payment.