PayPal showed full support for the crypto & blockchain sector despite the company being subpoenaed by the top American financial regulator.
PayPal is an American giant payment platform. This company was founded in 1998. Later this company was merged with X.com. In 2002, the company rebranded to PayPal. Elon Musk was the founder of X.com and currently, he is running his popular social media platform X (formerly Twitter) under the X.com domain name and aims to bring every type of online service under the X.com domain name.
On 14 Nov 2023, PayPal made it clear that the company is going to adopt blockchain technology at the next level because it is the only blockchain technology which can provide the best level of payment experience which people expect.
According to PayPal, digital payments should be smooth, fast, efficient, & stable and all these things can be easily achieved with the use of blockchain technology.
Furthermore, the company clearly said that the company is on the crypto & blockchain bandwagon because of the potential of this technology that has solutions against several challenges, not because of the trend & hype of this innovative sector among the fintech players.
Just a few weeks ago, PayPal revealed that the United States Securities and Exchange Commission (SEC) sent a legal notice for its newly launched stablecoin PYUSD.
Despite legal hurdles, the PayPal executives confirmed that they are fully focused on expanding their business inclined to all those services which are helpful for the company to generate revenue.
Last month, PayPal was prohibited by the UK’s top financial regulatory body the Financial Conduct Authority (FCA) for providing crypto services citing new laws under which PayPal was not qualified.
But a few days back, PayPal again secured the position to resume crypto services for UK’s crypto customers.