Company’s iPhone app has hidden code that proves potential “PayPal Coin” will be backed by USD.
PayPal, the online payment service provider, has confirmed that it is considering launching its own stablecoin to foster the growth of its cryptocurrency business. Sources from PayPal subsidiary Curv told CoinDesk in September that they are developing a stablecoin
“Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal told Bloomberg News on Friday: ‘We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.’ “
An in-house stablecoin, one that maintains a value of its own, was first discovered in the source code of PayPal’s iPhone app. The discovery was first made by Steve Moser, based on his investigation.
A recent news article tells about PayPal’s exploration into building its own stablecoin. Steve Moser, a developer was able to find evidence of PayPal exploring the idea in the company’s iPhone app. A hidden code in the code revealed that there was work underway for a PayPal coin. This also implied that this coin will be backed by the American dollar. Recent analysis suggests that this might be out in 2020
PayPal has been taking a lot of steps towards cryptocurrencies recently, by increasing the amount of crypto they allow customers to purchase and educating people about it. They also work on allowing customers to withdraw their cryptocurrency safely into third parties.
Paypal says that images & codes inside the app were from a recent internal hackathon to explore and build new products.