PayPal and cryptocurrencies, or the story of a marriage of convenience

PayPal and cryptocurrencies, or the story of a marriage of convenience

Pay what you want! It is with these words that PayPal begins an original article that traces its history seen from the perspective of the development of payments over the past 20 years. Posted on website blogging Mirror, this write-up sets the record straight about the company’s primary goals, founded in 2001, and its dive into cryptocurrency a few years ago, which in retrospect seemed inevitable. The Palo Alto, California-based company that serves its users has always followed major technological developments in the sector to finally offer its own stablecoin called PYUSD in recent months. How far we have come since the advent of online trading and the first digital payments! Back ka a success story in the American style, which perhaps has not yet written its most beautiful lines.

More than 20 years of activity and always at the service of its customers

In the very text corporate, PayPal it reaches back to its own history, nostalgically recalling the era of early online commerce and the difficulties of fast and secure payments at the time. While the Internet has made it possible to connect to the entire world and offer your products for sale in all time zones, payment systems they were clearly behind then.

Ultimately, PayPal filled this void by building an ecosystem “which responds to the desire to let people pay the way they want by offering flexible and secure global payments”.

Finally with more 400 million active accounts and undeniable financial success, he won the bet and the company was even bought by eBay. A key player in payments, PayPal will also get into the hands of mobile payment system Venmo with this leitmotif: how do people want to pay?

And the answer to that question is pretty obvious if the company is to be believed: “People want fast, cheap and borderless payments”. However, until recently, payments were relatively slow, expensive and globally complicated. Obviously, when Bitcoin and blockchain landed on the transfer market, a light went on in the California offices of these money transfer professionals.

This way in 2020 PayPal has enabled its customers to buy, sell and hold crypto on its wallets and that in 2022 it will even allow transfers to external wallets, including those that are decentralized. Finally, when we learned at the end of last August that the company had just launched its own stablecoin, no one was really surprised because it was a logical continuation of this story. PYUSD’s offering to its users is only a continuation of its historical commitment: “Give your customers what they want”.

However, customers want to pay merchants easily, businesses want to pay their suppliers without delay, and individuals want to send money to loved ones wherever they are with minimal hassle. He convinced about it the essence of money lies in its movement »Ultimately, PayPal’s teams felt that cryptocurrency was the perfect tool to respond to the expectations of their users and a way to tell them: pay as you wish! »

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