PayPal is considering launching its own cryptocoin, report says – CNET


PayPal is looking into its own cryptocoin.

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PayPal is reportedly considering launching its own cryptocurrency backed by the US dollar as the venerable online payment company continues to integrate ways to engage with digital coins on its platforms.

The company is just exploring the idea of releasing its own stablecoin, a cryptocurrency backed by and linked in value to an existing currency, PayPal confirmed to Bloomberg. Developer Steve Moser dug around in the PayPal app and discovered evidence that the company was tinkering with a cryptocurrency called “PayPal Coin” backed by the US dollar.

CNET has reached out to PayPal for comment.