Paypal is one of the digital platforms used by many users across the globe. It is a system with global users where it is easy to pay and receive funds from any country. However, it is necessary to see that this platform is functional in the respective country. Since the last few weeks, markets are buzzing with the news that PayPal may be entering into the cryptocurrency market. The main reason for this rumor is the fact that the company has officially started hiring crypto engineers. While this may also be for research purposes, market participants are also eager to see if PayPal allows direct cryptocurrency purchases in the future. This can have a massive impact on the overall business of the company in the long run as the cryptocurrency market is growing at a good pace. It is also believed that in the near future, the platform is planning to initiate the transfer of bitcoin also, and that is why the preparation is being done.
A huge network of PayPal
PayPal is one of the biggest payment platforms available in the market for many years now. Those who deal in different currencies know how useful this platform is. It has more than 300 million users across the world. It enables users to transfer money from any location to other users. There is no restriction on geographical boundaries as most countries allow such digital transfer of payments subject to a few restrictions. It is likely to grow further if it enables direct cryptocurrency purchases as rumored in the markets for a few weeks.
PayPal hiring crypto engineers
It is now official that PayPal is hiring crypto engineers as the information is publicly available in the company job board. The job role is for Technical Lead Crypto Engineer, wherein the person will be working on designing and developing crypto products. The candidate will also be involved in the maintenance of different features of PayPal that may be integrated with cryptocurrency products.
PayPal research group
The research group of the company is also hiring candidates for a new team that will work on emerging blockchain technologies and foresees its potential use within the current services offered by the company. In this way, PayPal is indirectly sending signals to the market that it may be ready to enter the cryptocurrency market in a huge form. However, some people are also of the opinion that this may be due to the growing demand for cryptocurrencies that has the potential to hurt PayPal in the long run.
Is PayPal planning to enter the cryptocurrency market?
All these developments have triggered various rumors about PayPal entering the cryptocurrency market. The situation with cryptocurrency is looking extremely positive, which can become a potential threat for companies like PayPal in the future if nothing is done in this regard. In order to counter this, PayPal may be securing their systems further before making a direct entry to the cryptocurrency market.
How will this development impact the digital wallet market?
If PayPal enters the cryptocurrency market, this will get a massive boost as the company has had a good reputation in the market for many years. It can definitely add more users to the new market within a short duration of time. In this regard, market participants are eagerly watching the developments in this segment. There are chances that some development will happen shortly as the demand for cryptocurrency is growing at a rapid pace across the world. This is something that cannot be ignored by PayPal and other giants in the market.