PayPal letter seemingly confirms crypto capability rumors. According to a letter to the European Commission, PayPal stated that it is developing capabilities in the crypto-currency space.
The paper was originally submitted on 20 March, and was intended as a response to the public consultation of the European Commission on the creation of a European Union system for crypto-asset markets, whose feedback period lasted from December 2019 to March.
In the letter, the payments giant admitted to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space,” stressing that it favors a “harmonized” regulatory approach that wouldn’t compromise innovation.
Additionally, PayPal addressed its relationship with crypto assets, noting that in 2019, it joined the Libra Association to learn “more about the proposed use of blockchain technologies to provide financial services to unbanked populations across the globe,” but later dropped out because it started to work on its own solutions in the space.
“Since the project’s inception, PayPal has taken unilateral and tangible steps to further develop its capabilities in this area, and therefore — without questioning the value of the project — took the decision not to participate in the Libra Association and to continue to focus on advancing our existing mission and business priorities to democratize access to financial service.” the firm detailed.
It was announced earlier in June that PayPal was exploring direct sales of crypto assets, and offering users to store their crypto using the company’s in-house digital wallet.
Around the same time, PayPal announced two crypto-related openings, as it was looking for blockchain and crypto engineers.
[image: Morning Brew]