As one of the world’s leading financial companies, one with the aim of paving a road towards accessible and efficient digital finance for all, PayPal holds innovation as one of its core values.
To maintain the company’s position at the top of the industry, its executives understand the importance of keeping track of developments in cryptocurrency. Indeed, since last year, PayPal has allowed users to buy, sell, and hold cryptocurrency through their platform, taking their first steps forward into the world of digital currency.
The crypto industry is growing rapidly. As it increases in popularity, words like blockchain and NFTs are becoming a bigger part of our daily vocabulary. But digital currencies are not just becoming a bigger part of day-to-day living; they are also reshaping the financial world as we know it.
How Is Cryptocurrency Changing the Face of Finance?
Central banks all over the world are coming to seriously consider issuing digital currency as legal tender. As the enhanced utility of cryptocurrency becomes more apparent, this is an eventuality that seems inevitable.
The crossroads between central bank digital currencies (CBDC), digital wallets, stablecoins, and the usefulness of crypto payments make for a fascinating area of study. But, more than that, it is revolutionary. In time, these types of technologies will have a great impact on the financial landscape—perhaps an even greater one than we can currently conceptualize.
PayPal’s Role in the Development of Cryptocurrency
For most people, an interest in cryptocurrency may not go much deeper than thinking about digital currency as an asset: How much can I buy crypto for? How much can I sell it for? What will the prices look like tomorrow? But where cryptocurrency really matters is in the utility it can provide in the world of finance. PayPal understands the importance of this.
As a company, PayPal actively works towards the development of cryptocurrency, with the aim of shaping the ways in which blockchain technology and digital currency allow better access to financial services.
In February, working towards this goal, PayPal set up an advisory council on Blockchain, Crypto, and Digital Currencies (BCDC). This team is made up of global experts in economics, distributed technology, and cryptography.
Cryptocurrency is not just important as an asset. Its relevance does not end with how much money it can make an individual. Rather, cryptocurrency is important because of the greater degree of utility and accessibility it allows for when making payments. In this way, cryptocurrencies are bound to reshape and redefine the financial world as we know it.
From their ambitious position at the forefront of payment and commerce, PayPal is well-placed to usher in this new era.