Popular payments service PayPal has revealed it is working on the development of a series of capabilities related to cryptos.
In a letter sent to the European Commission in March, the company says it is "monitoring the evolution of the crypto-asset space" and has taken "unilateral and tangible steps to further develop its capabilities in this area," especially since the announcement of Facebook's stablecoin Libra project back in June 2019.
PayPal was part of the Libra Association for a few months, in particular until October 2019, when it left the project together with other companies such as Mastercard and Visa.
The fact that the company is developing crypto capabilities is significant if we consider that PayPal has over 300 million users worldwide.
PayPal sent this letter to the Commission in March in response to a public consultation launched by the institution in December 2019 to receive feedback from the public on the development of a regulatory framework for cryptos at EU level.
Not surprisingly, PayPal is interested in this technology, as the company has even said blockchain and cryptos could help achieve "greater financial inclusion and help reduce/eliminate some of the pain points that exist today in financial services."
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