PayPal Financial News

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Check out the companies making headlines after the bell:

PayPal confirmed on Jan. 8 it is “exploring a stablecoin” that could be called PayPal Coin after a developer found evidence of such a stablecoin within the source code of the company’s iPhone app.

Google has hired a former PayPal executive to help bolster Google Pay, with plans to expand into the crypto space.

On Monday, UK Parliament launched a cross-party group of MPs and Lords to cover the crypto and digital assets sector. The group is to act as a forum for parliamentarians, policymakers and the UK crypto sector to discuss policy and regulation in the industry. The news followed last week’s announcement that the New York State Department of Financial Services appointed former Promontory executive Peter Marton as deputy superintendent of virtual currency. Marton commented that “Crypto supervision should be a marathon and not a sprint, and I look forward to continue this effort in earnest.” Fed Chairman Jerome Powell also stoked excitement on Tuesday, stating that a highly anticipated report on cryptocurrencies and CBDCs will be released “within weeks” (though originally scheduled for a September 2021 release). Powell made the statement during a Senate Committee hearing, where Senator Pat Toomey also questioned whether the Fed has authority to act as a retail bank for Americans, asking: “It seems to me that there is absolutely nothing in the history, the experience, the expertise, the capabilities of the Fed that lends the Fed to being a retail bank. Is that a fair observation?” Powell responded: “I would say, yes.” Having previously stated that a CBDC would render privately issued stablecoins to become obsolete, he also told Toomey during the hearing that it is possible the two could co-exist.

Binance CEO Changpeng Zhao, also known as “CZ,” is now the world’s 11th richest person, according to Bloomberg. The crypto entrepreneur has amassed a $96 billion fortune on the back of his booming exchange business and the rapidly appreciating value of Binance Coin (BNB).

PayPal has been inching its way into the cryptocurrency market. In 2020, it allowed people to buy and sell crypto, and make transactions but it is currently limited to the US.

American fintech giant PayPal Holdings has reportedly confirmed its intent to launch its own stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.

The share of employers allowing Roth 401(k) savings surged last year, giving more workers access to the financial benefits that accompany such contributions.

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Payments giants Visa is launching new consulting and advisory services in a move to help its clients navigate the world of cryptocurrencies. 

David Marcus, a longtime Meta Platforms executive who worked on messaging and led the company’s heavily scrutinised cryptocurrency initiatives, announced his resignation from the company on 30 November.

The Bitcoin network already processes more volume by dollar value than Paypal and the largest decentralized cryptocurrency network in the world by market cap could outstrip Mastercard by as early as 2026.

The mainstream adoption and acceptance of Bitcoin over the past couple of years has translated into good numbers. The cryptocurrency network reportedly surpassed the leading payment platform PayPal, by conducting 62% more transactions in terms of dollar value, as per a report by Blockdata.

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The mainstream acceptance of cryptocurrencies has translated into many traditional payment channels opening their doors to the new asset class. Big-scale payment providers such as Visa and Mastercard and digital payment platforms such as Paypal have begun adding crypto support. However, these massive integrations did not take place in a vacuum and were result of larger market sentiments.

Billionaire investor J. Christopher Flowers is worried there's a bubble emerging in the financial technology market.

American cinema giant AMC Theatres is finally adopting cryptocurrencies like Bitcoin (BTC) for online payments following months of teasing the new payment option.

Apple Inc. chief executive officer Tim Cook said the company is looking at cryptocurrency features, but did not elaborate on what that might entail.

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