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PayPal wants to expand its services related to cryptocurrencies and blockchain, including CBDC, says vice president

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PayPal Vice President Richard Nash stated that the global payments giant wants to offer users as many services as possible related to cryptocurrencies and blockchain technology.

PayPal wants to further expand its services

As Cointelegraph exclusively reported, during his speech at the World Economic Forum (WEF) this Monday, Nash specifically cited central bank digital currencies (CBDCs) as an example.

“We are still slowing down in the crypto space with buys or hold in certain jurisdictions. Looking to work with others to embrace everything we can, whether it’s the coins we have in PayPal digital wallets today, private digital currencies, or CBDCs in the future.”

It is worth noting that several countries in the world are moving forward to launch their national digital currencies. According to a recent Bank of International Settlements (BIS) report, 90% of central banks are exploring CBDC launches motivated by the expansion of cryptocurrencies.

In addition, more than half of the banks are developing or carrying out concrete experiments with national digital currencies.

PayPal and Cryptocurrencies

Apparently, PayPal wants to further expand its services with crypto. In 2020, the platform focused on digital payments launched a service to buy, sell and store BTC (BTC) and ETH (ETH) in the United States. Next, the company created a “Checkout With Crypto” feature to pay merchants.

In addition to commenting on the company’s future plans regarding the crypto market, Nash also hinted that he owns cryptocurrency. When asked if he has any digital assets, the PayPal vice president replied that it is “natural”:

“I have a lot of things I’m working on at PayPal and I like to experience the services for myself. So I think it’s natural.”

PayPal’s Other Crypto Initiatives

In January of this year, PayPal confirmed that it is working on its own stablecoin. The confirmation was revealed after a developer discovered the code of a “PayPal Coin”.

According to the developer, the code was inside their iPhone app. The story was first revealed on Bloomberg and then confirmed by the company.

According to company executive José Fernandez da Ponte, the stablecoin is in the early stages of development. Once this phase is over, the company will seek involvement with regulators.

“We are exploring a stablecoin. When we look to move forward, we will, of course, have to work closely with relevant regulators.”

Additionally, as part of its crypto strategy, PayPal has partnered with Paxos, a fintech that issues the PAX Dollar (USDP) stablecoin.

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