PayPal (NASDAQ:PYPL) is one of the most ubiquitous fintech companies of today. It has a user base of nearly 400 million people and accounts for a significant share of online transactions. Now, it’s looking to remain on the cutting edge. The company is continuing its foray into cryptocurrency, thanks to its coming PayPal Coin.
Of course, PayPal isn’t new to cryptocurrency. In fact, it’s among the first companies to have accommodated crypto payments and investing, alongside the likes of Robinhood (NASDAQ:HOOD). As of March of last year, users can buy and hold a variety of currencies on their PayPal accounts. They can even use these currencies as payments. Now, it looks like the fintech giant will be taking things a step further as it gears up to make a stablecoin to underlie these payments.
PayPal Looks at a Potential PayPal Coin Rollout
This weekend, investors were teased about the potential PayPal Coin through Bloomberg. Specifically, the news outlet talked with PayPal’s senior vice president of crypto, Jose Fernandez da Ponte, who says the company is seriously weighing its options when it comes to minting a new stablecoin.
PayPal is also putting worried investors at ease over concerns about the legal issues that come with creating a new digital currency. According to da Ponte, the company will pursue this project “closely with relevant regulators.” As Congress descends on Capitol Hill to discuss crypto with increasing frequency, there are worries about projects like this becoming tangled up in legal woes. Some work alongside regulators should help PayPal avoid the headaches.
This news seems to confirm investors’ peek at PayPal Coin’s logo, name and potential features earlier this month; that information was leaked after a developer took a look into the PayPal app’s source code and discovered the details. However, PayPal is reluctant to confirm anything — or whether it will surely roll out the coin. Still, the news looks quite optimistic for PYPL stock. This morning, PYPL is trading down by about 4.5%.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
