PayPal confirmed that it is developing features in the crypto space, according to a document submitted to the European Commission.
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Originally launched on 20 March, it was designed as a response to the European Commission’s public consultation on the creation of an EU framework for cryptoactive markets, the feedback period for which lasted from December 2019 to March.
In the letter the global on-line payment giant admitted that it „continuously monitored and assessed the world’s developments in cryptology space and blockchain and DLT technology“ stressing that it favoured a „balanced“ regulatory approach that did not compromise innovation.
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In addition, PayPal addressed its relationship with cryptoactives, noting that in 2019 it joined the Libra Association to learn „more about the use of blockchain technology to deliver financial services to unbanked populations around the world,“ but later abandoned the project because it began working on its own solutions in the field:
„From the beginning of the project, PayPal took unilateral and tangible steps to further develop its capabilities in this area, and therefore – without questioning the value of the project – made the decision not to participate Bitcoin Trader in the Libra Association and to continue to focus on advancing our current mission and that of business professionals to democratize access to financial services“.
In early June, it was reported that PayPal was considering introducing direct sales of crypto currencies and offering users the ability to store their crypts using the company’s internal digital wallet.
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When asked to confirm or deny that information, a company representative told Cointelegraph that „PayPal does not comment on rumors or speculation.
At about the same time, PayPal announced two openings regarding crypts, as it was looking for engineers dedicated to blockchain technology and cryptomonies.