In a much-expected run of the rumor mill, PayPal looks set to be jumping into cryptocurrency exchange and transactions soon. From what seems evident, PayPal and its other lighter part Venmo would be heading towards the integration of the blockchain technology. The event would further assist the payment and transactional exchange giant to explore the stream of a cryptocurrency exchange that it has been fiddling with.
According to the ongoing trends at the back end movements, it looks set for PayPal first to support Bitcoin exchange and transactions across its platform. This can later possibly diversify to a much larger picture that could involve an individual blockchain and cryptocurrency under their own label as well.
PayPal is the master idea of origin behind the whole evolution of digital payment platforms. Set up first in the year of 1998 with a final callout in 2002, PayPal was the first major digital payment organization. Moreover, it is also the most widespread and most widely used method of digital payment across the globe. The main feature is the number of integral options that they provide. For example, receiving currencies of various registered nationalities and subsequent linking of bank account for withdrawal or deposit.
Also, it is a highly supportive platform for business organizations and large scale institutions due to its high transactional limits. Though, a marginal transaction fee depending upon the nature of the transaction, and the region of service is applicable too.
Venmo Takeover and the Follow-up
The acquiring was not direct but an indirect one. At first, it was Braintree that took over Venmo for the payment app option. However, following up on the 2013 takeover of Braintree by PayPal, Venmo also became a subdivision of the giant payment group. The functioning of Venmo is quite contrary to that of PayPal, though.
With PayPal, a person gets a serious payment and banking transaction app for the official transactions. But with Venmo, the app is more personalized and also branches into social media posting and update features. This enables in-app access to the chat and comment feature. If something is posted by a friend or a known contact after payment, the interactive comment feature for it is also the part of the Venmo app. It is the typical day-to-day payment application for the digital payment frenzy population and has the perfect ability to replace cash transactions.
The Starting Point for the Rumor
Any news related to PayPal cannot merely come across the circuit unless it has a base. The organization has a profound running existential aura of sincerity, and hence the reputation precedes its acts. It is only after the latest job posting on behalf of PayPal that experts emphasized on the topic. The organization has expressed its desire to hire for two different positions:
- The position of Technical Lead for the slot of a Crypto Engineer.
- An expert in the positional requirement for Blockchain Research Engineer.
The advertisement comprised a whole lot of other information regarding the future drive and prospect, but the relevant section was the one that took the limelight. In addition, the whole section explained the possible elements of the role as in the functional handling of crypto products, along with performance and scalability services. The desire to hire two different positional experts, both from the cryptocurrency field of expertise, isn’t just a coincidence. For those who know about the operations claimed that the company has previously fiddled with the crypto and digital wallets, albeit on the internal level.
How does Bitcoin get involved?
The postings had a lot of key skills listed around the idea that matches the methodology of Bitcoin. For example, some of the desired skills that were mentioned in the listing were:
- Prior experience with the working of C++
- Functional proficiency in asymmetrical cryptography
- Working expertise with the Cryptographic libraries
This has made the experts believe that the first idea of the PayPal group is to develop and host the Bitcoin functionality. It would include the storage of Bitcoin in the wallet and simultaneous exchange, purchase, and trading for it. The move could be a market-soaring option for both the organizations who are the pinnacle of their respective sectors and destined to cross paths someday.
Prior Involvement and the Possible Alternate Ending
PayPal has got a mixed set of history bags when it comes to cryptocurrencies and blockchain technology. Not long ago, PayPal had clarified how the possible growth of the virtual currencies could have a harmful impact on the functional objectives of the company. However, the medium has also been linked with the platform and services of CoinBase on a continuous level of involvement. The service of fiat withdrawals from the exchanges is the primary mode of engagement.
Given the whole neutral stance of PayPal in the context, the whole thing can also be a preventive measure to safeguard the company’s future against the possible expected harm. The experts are not yet ready to discount the possibility of the large scale revolution as yet.