Payment giants including PayPal, Visa and MasterCard are more than determined at driving mainstream adoption of blockchain technology and digital currencies to the next level. It's as if these companies are competing to see who will offer the best alternative as far as making payments and transactions using cryptocurrencies is concerned.
Recently, the payment merchant PayPal entered the cryptocurrency industry by having launched a buy and sell services. This event caused a drastic bull run of most major cryptocurrencies. However, soon enough the service faced serious problems with one of the users, causing most coins to collapse.
After PayPal’s letter to the EU Commission was revealed, many news outlets started speculating that the company confirmed their plans on cryptocurrency implementation. However, the letter has no details on any cryptocurrency-related activity except for research, which only proves the company’s interest in cryptocurrency.
The Facebook Libra cryptocurrency project is constantly losing the backing of mainstream giants. The latest businesses to quit cooperation with this digital currency include Visa, Mastercard, eBay and Stripe following suit after Paypal announcement to quit cooperation as regulators move on with scrutinizing Libra.
Bitcoin, the leading cryptocurrency on the market, has outshined the online payment processing bull PayPal in the total number of yearly transactions. From the data given by Global Statistics portal, Bitcoin (BTC) had $1.3 trillion worth of transaction volume last year and PayPal had $578.65 billion.
Significant world online payments system PayPal has rolled out a distributed ledger technology (DLT)-based reward system for all of its workers. Michael Todasco, a PayPal director, was cited elaborating on the platform launch in a report published by Cheddar, the financial news channel, on December 6, 2018. Everything is kept on a blockchain tech ledger, and the program is now live.
After long last, the world’s first developer-friendly cryptocurrency payment solution has arrived. Introducing OPEN: The world’s first interoperable crypto payment solution for apps, d-apps, and websites is now available on KuCoin, supported trading pairs include OPEN/BTC and OPEN/ETH.
Despite displaying obvious interest in crypto for the last year or year and a half, the masses are weary of adopting it as a payment method outright. This largely has to do with the uncertain/risky nature of cryptocurrency, as it lives in a kind of wild west state without official consumer protection laws protecting users.
John Rainey, who works as a CFO at PayPal, one of the largest companies on the financial market, claimed in a recent interview with the World Street Journal that Bitcoin and other cryptocurrencies could be the popular payment media in perspective.