PayPal, an online payment service provider, is joining several other companies in adopting cryptocurrencies. Besides using cryptocurrencies as a payment method, companies are looking for ways to gain more exposure in the market by venturing into other crypto assets. The Block report reveals that sources with knowledge about the development state that PayPal is engaging with several developers such as Ava Labs to develop their own stablecoin.
Ava Labs has its own crypto known as AVAX.
Ava Labs has its own cryptocurrency dubbed AVAX. Since the beginning of the year, AVAX has been doing well, but its bullish trend has slowed down. Besides, the firm has announced its partnership with the Graph and Alliance Block to help it improve its business processes. Launching its stablecoin would not be the first step that the payment firm is taking towards diving into the crypto space. Besides integrating a crypto checkout service, PayPal has also acquired Cury, a crypto custodian firm. The online payment service has also partnered with Coinbase for a Series D funding round supported by Paxos.
Venmo had also launched a ‘crypto on Venmo’ feature.
As reported earlier, PayPal announced to expand the reach of Bitcoin still further with a new crypto feature inside its popular peer-to-peer app Venmo. PayPal announced it has begun rolling out a crypto button for its 77 million Venmo users. The crypto button will let users instantly buy as little as $1 worth of Bitcoin, Ethereum, Litecoin, or Bitcoin Cash and send it to friends on the app. The decision by PayPal to venture further into the crypto space and the increasing partnerships and acquisitions show that launching a stablecoin might happen soon. The revelation also comes days after Dan Schulman, PayPal’s CEO, noted that the demand for cryptocurrencies increased significantly.