Image: PayPal

PayPal could be developing a new stablecoin called PayPal Coin. The new coin and its logo was spotted alongside another called Neo in its iOS app, but representatives said the logo was “leftovers from an internal hackathon by the company’s blockchain, crypto, and digital currencies division.”

Image: PayPal

Upon discovering the coin, The Tape Drive’s Steve Moser reached out to Jose Fernandez da Ponte (SVP of crypto and digital currencies at PayPal), who confirmed that PayPal is considering a stablecoin. “We are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” he said.

PayPal entered the crytocurrency business in 2020, allowing users to buy and sell Bitcoin, Ethereum, and other tokens, with spending limits increased to $100,000 in 2021. Stablecoins are backed by the value of a currency or commodity. The PayPal Coin will reportedly be backed by USD.

Meta (formerly Facebook) was also developing its own stablecoin, Diem, but changed direction after resistance from international regulators. It is now testing a digital wallet called Novi for money transfers via WhatsApp.

Source: The Tape Drive (via Engadget)

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Peter Brosdahl

As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my...

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13 Comments

  1. Interesting. Another company on the crypto bandwagon. Who’d have thought?

    Wonder what took them so long? Gee, maybe there is something to this crypto stuff?

    Rolls eyes….

  2. Next your gonna tell me Norton Antivirus is mining Etherium in the background… what is this world coming to?

  3. [QUOTE=”Brian_B, post: 46530, member: 96″]
    Next your gonna tell me Norton Antivirus is mining Etherium in the background… what is this world coming to?
    [/QUOTE]

    Norton Antivirus does come with an ETH miner, but it only runs when you want it to and to the wallet you want it to. It’s not running in the background behind the end users back.

  4. [QUOTE=”LeRoy_Blanchard, post: 46532, member: 137″]
    Norton Antivirus does come with an ETH miner, but it only runs when you want it to and to the wallet you want it to. It’s not running in the background behind the end users back.
    [/QUOTE]
    Because a standard anti-virus scanner doesn’t use enough of your system resources when you are trying to get stuff done, Norton is the only company with enough courage to find a way to make it use ~even more~

  5. [QUOTE=”Brian_B, post: 46539, member: 96″]
    Because a standard anti-virus scanner doesn’t use enough of your system resources when you are trying to get stuff done, Norton is the only company with enough courage to find a way to make it use ~even more~
    [/QUOTE]

    They include it with their AV to make it easier for people to mine IF they want to. Because, outside of using Betterhash and Nicehash, getting miners setup and running on a computer (Linux or Windows) can be quite the task.

    This just makes it a one-stop shop for people who don’t know how to mine to get introduced to mining.

  6. [QUOTE=”LeRoy_Blanchard, post: 46548, member: 137″]
    They include it with their AV to make it easier for people to mine IF they want to. Because, outside of using Betterhash and Nicehash, getting miners setup and running on a computer (Linux or Windows) can be quite the task.

    This just makes it a one-stop shop for people who don’t know how to mine to get introduced to mining.
    [/QUOTE]
    Antivirus and mining need a one-stop shop?

    [URL unfurl=”true”]https://www.nbc.com/saturday-night-live/video/shimmer-floor-wax/n8625[/URL]

  7. [QUOTE=”Brian_B, post: 46555, member: 96″]
    Antivirus and mining need a one-stop shop?

    [URL unfurl=”true”][URL][URL]https://www.nbc.com/saturday-night-live/video/shimmer-floor-wax/n8625[/URL][/URL][/URL]
    [/QUOTE]

    I’d imagine a lot of AV software flag a lot of legit miners are problem software. So, for people who only have one rig that run an AV software and also have a strong GPU capable of mining they’re probably less likely to run a standalone miner on their rig if their AV pitches a fit about it.

    Keep in mind, this is targeted towards the newbie miner. Not someone that knows what they’re doing already.

    Much like Paypal developing it’s own coin, which will most likely NOT be decentralized and they’d reserve a crap ton of coins for themselves right out the gate. It’s intended purpose is to gather the attention of people with little knowledge of crypto, but want to “invest” in something and Paypal is a trustworthy name.

  8. Yeah, ok I can see a market for people who hear about all this free money and all they have to do is own a computer.

    I can even see norton wanting to get in on it – why not, eh?

    But why bundle it with an AV? Why not making it stand-alone? They are two entirely unrelated products. May was well bundle it with MS Word or Half-Life 3. That’s my beef with Norton on this. The only reason anyone I know runs Norton is because their Best Buy computer came with it pre-installed and they just clicked “Resubscribe” when the free 3 month trial ran out (after getting dozens of popup warnings).

  9. [QUOTE=”Brian_B, post: 46563, member: 96″]
    Yeah, ok I can see a market for people who hear about all this free money and all they have to do is own a computer.

    I can even see norton wanting to get in on it – why not, eh?

    But why bundle it with an AV? Why not making it stand-alone? They are two entirely unrelated products. May was well bundle it with MS Word or Half-Life 3. That’s my beef with Norton on this. The only reason anyone I know runs Norton is because their Best Buy computer came with it pre-installed and they just clicked “Resubscribe” when the free 3 month trial ran out (after getting dozens of popup warnings).
    [/QUOTE]

    I could see Norton running some sort of program that pays for the use of the software on their computer for so many hours per day/week/month of running the ETH miner on their computer(s).

    As for why bundling it with AV? Probably because Norton doesn’t want to make a whole new software for this that no one will download/install/use. Millions of people have Norton AV installed so easily getting the miner software into the hands of the masses is way more efficient this way.

    Atleast, that’s the angle I can see them playing. I have no idea why.

  10. [QUOTE=”LeRoy_Blanchard, post: 46565, member: 137″]
    Millions of people have Norton AV installed
    [/QUOTE]
    Well that made me shudder.

  11. [QUOTE=”LeRoy_Blanchard, post: 46565, member: 137″]
    Millions of people have Norton AV installed so easily getting the miner software into the hands of the masses is way more efficient this way.
    [/QUOTE]
    Ok, so I can understand that Norton is probably skimming something off the top here (transaction fee or management fee or something)… but apart from that – why would Norton really care that Joe Schmoe has easy access to mining software?

    There’s nothing there that I can see, other than some board seeing a potential revenue stream (that just happens to be completely unrelated to their core business) and seeking to exploit it.

    I could see Paypal doing this – they are getting their own coin, idk about mining software for it though.

    I just can’t wrap my head around it I guess. It’s like an ice cream topping that doubles as a floor wax – either one is fine, but why on earth would anyone consider them together?

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