PayPal, the Online Payments Giant, has validated that it is developing capabilities in the cryptocurrency space, according to a letter to the European Commission (EU).
It has been reported that the document was originally submitted on March 20, that appears to have been published in June, the document was intended as a response to the European Commission’s public consultation on building a European Union framework for markets in crypto assets, whose feedback period lasted from December 2019 through March.
However, in the letter, PayPal admitted to “continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space” by stressing that it favours a “harmonized” regulatory approach that would not compromise innovation.
After CoinDesk revealed @PayPal's plans in the space last month, the payments giant confirmed its involvement with crypto in a letter to the European Commission published in July. Via @paddybaker_ https://t.co/Cez0aOQNBJ — CoinDesk (@CoinDesk) July 14, 2020
PayPal addressed its relationship with crypto assets by 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.
It further stated:
“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.”
Check out the full PayPal letter to the European Commission uploaded on Scribd by CoinDesk:
As per the report, earlier in June, it has been reported that PayPal was considering introducing direct sales of crypto assets and offering users to store their crypto using the company’s in-house digital wallet.
At the same time, PayPal announced two crypto-related openings, as it was looking for blockchain and crypto engineers.
Source: CoinDesk | Cointelegraph | Image: Shutterstock