(23 September 2022 – Global) Using digital assets isn't as fringe as it used to be, placing PayPal's Jose Fernandez da Ponte at the forefront of a new age of payment innovation
Reporting for American Banker, John Adams writes that PayPal is considering building its own stablecoin to take advantage of the growing interest in cryptocurrency payments. While the market swings in cryptocurrency valuation in 2022 and the high-profile failure of the Terra stablecoin have cooled some of the buzz, companies like PayPal, Visa, MasterCard and traditional financial institutions such as Silvergate Bank are pushing ahead with payment projects, seeking the right mix of technology, partners and size.
“A significant volume of transactions will move to crypto writ large. Whether it's crypto, fiat-backed stablecoins or central bank digital currencies, there's momentum” commented PayPal Senior VP of Blockchain, Crypto and Digital Currencies, Fernandez da Ponte.
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