On October 21, the global digital payment giant PayPal announced that it will launch cryptocurrency payment services in line with the trend of global industrial layout.
PayPal was one of the first founding members of Facebooks Libra project before withdrawing from the program in October 2019, along with payment giants such as MasterCard and Visa. According to a foreign language interview with CoinDesk, Sri Shivananda, chief technology officer of PayPal, revealed that PayPal wants to have its own views and achievements in the field of blockchain technology. According to another foreign media report, previously, in response to a letter from the European Commission on establishing the EUs regulatory framework for encrypted assets, PayPal wrote: PayPal has been paying close attention to the development of the encryption field and is actually advancing the field. self-capacity building.”
In fact, as early as the beginning of this year, PayPal had already started recruiting for its Blockchain Research Group, and found 8 engineering talents to deploy in Singapore and San Jose, USA. Therefore, PayPals announcement of entering the encryption field this time can be said to have been premeditated. However, in view of PayPals status as a mainstream financial institution, the news caused an uproar in the industry, and the price of Bitcoin also rose to break through $13,000.
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PayPal platform supports cryptocurrency services, promoting mainstream adoption of cryptocurrencies
PayPal recently announced the launch of cryptocurrency services for its users. Although the initial functions currently provided are extremely limited, and only support users to buy, hold and sell cryptocurrencies such as Bitcoin, Ethereum, and Litecoin through the PayPal wallet, the entry of PayPal is undoubtedly a major event for the entire encryption market. good news.
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PayPal enters the encryption field and accelerates the layout of the encrypted asset market
At present, there may be many large financial institutions that have not yet made any strategic layout for the encryption market, but most of them have also conducted internal discussions on whether to participate in the encryption asset market. Now that PayPal has announced its official entry, it is like giving them a shot of stimulant, which will undoubtedly rekindle their discussion on this issue and inspire other institutions to join in and take a share.
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The cryptocurrency market has hit a tipping point
It is very exciting news that PayPal provides users with encrypted financial services. Jeffrey Wang said that as an active participant in the encrypted financial field, Amber Group expects to see more large institutions announce their deployment in the encrypted asset market, and also believes that encrypted currency can continue to be used by more and more institutions and enterprises. A trend favored by readers.
We’re still in the early days of mainstream cryptocurrency adoption, but we’ve reached a tipping point where it’s time for businesses to think strategically about cryptocurrencies.
Amber Group, as an industry-leading provider of global encrypted financial intelligence services, has been maintaining its focus and research on the macro-financial market and the encrypted financial market. Provide encrypted financial services to top institutions and high-net-worth clients, with a cumulative transaction volume of more than 220 billion US dollars, and an average monthly transaction volume of far more than 1 billion US dollars.
Disclaimer: The opinions in this article do not constitute investment advice, please pay attention to investment risks
