0

WHY THIS MATTERS IN BRIEF

Almost everyone nowadays is minting their own money and there are very few companies that aren’t experimenting in the space.

 

Love the Exponential Future? Join our XPotential Community, future proof yourself with courses from XPotential University, read about exponential tech and trendsconnect, watch a keynote, or browse my blog.

PayPal is exploring the launch of its own Stablecoin, a kind of cryptocurrency that’s tied to a physical store of value, in this case a sovereign currency, as part of its cryptocurrency push, the company has said, confirming the development after evidence of the move was discovered inside its iPhone app.

 

RELATED
DARPA wants to use genetically modified bugs to rejuvenate dead and dying crops

 

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News.

Unlike regular cryptocurrencies like Bitcoin and Dogecoin stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity which makes them much more attractive to governments and regulators looking to capitalise on the benefits of “digital money” and other modern financial instruments like CBDC’s.

Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser and shared with Bloomberg. Hidden code and images show work on what is dubbed a “PayPal Coin.” The code indicates such a coin would be backed by the US dollar.

 

RELATED
JPMorgan ventures into UK retail banking with its first digital only bank

 

A PayPal spokeswoman said that the images and code inside of the PayPal app stemmed from a recent internal hackathon – an event in which engineers team up to quickly explore and build new products that may never see a public release – within the company’s blockchain, crypto and digital currencies division. That means the ultimate logo, name and features could change in its public product form.

PayPal has engaged in a major cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.

 

RELATED
Blockchain Autonomous Organisations, a new way to tackle corporate fuelled wealth inequality?

 

On the Unchained podcast, Mr Fernandez da Ponte said recently that the company has “not yet seen a stablecoin out there that is purpose-built for payments.” For PayPal’s use, a stablecoin would need to support payments at scale and have security, he said.

“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licences that are needed in this space,” he added.

About author

Matthew Griffin

Matthew Griffin, described as “The Adviser behind the Advisers” and a “Young Kurzweil,” is the founder and CEO of the World Futures Forum and the 311 Institute, a global Futures and Deep Futures consultancy working between the dates of 2020 to 2070, and is an award winning futurist, and author of “Codex of the Future” series. Regularly featured in the global media, including AP, BBC, Bloomberg, CNBC, Discovery, RT, Viacom, and WIRED, Matthew’s ability to identify, track, and explain the impacts of hundreds of revolutionary emerging technologies on global culture, industry and society, is unparalleled. Recognised for the past six years as one of the world’s foremost futurists, innovation and strategy experts Matthew is an international speaker who helps governments, investors, multi-nationals and regulators around the world envision, build and lead an inclusive, sustainable future. A rare talent Matthew’s recent work includes mentoring Lunar XPrize teams, re-envisioning global education and training with the G20, and helping the world’s largest organisations envision and ideate the future of their products and services, industries, and countries. Matthew's clients include three Prime Ministers and several governments, including the G7, Accenture, Aon, Bain & Co, BCG, Credit Suisse, Dell EMC, Dentons, Deloitte, E&Y, GEMS, Huawei, JPMorgan Chase, KPMG, Lego, McKinsey, PWC, Qualcomm, SAP, Samsung, Sopra Steria, T-Mobile, and many more.

Your email address will not be published. Required fields are marked *