PayPal introduces cryptocurrency tools

One of the biggest online payment giants, PayPal, has confirmed that it is working on a rollout on its platformcryptocurrency instruments. Information about this was contained in a letter from the European Commission in March this year when the company was invited to participate in public consultations on the structure of crypto assets.

"As an innovative fintech company and by virtue of its mission, PayPal followsfor the development of the crypto-asset space"- said in the payment company.

The letter states that PayPal has started developmentwith cryptocurrencies since last year when the company joined the Libra Association. Interestingly, Paypal was the first company to exit the consortium, followed by Mastercard, Visa and other organizations.

Last month, Coindesk reported that PayPal is considering adding options to buy and sell bitcoin directly to its customers.

Paypal is licensed in Luxembourg and operates in 31 European jurisdictions, serving approximately 95 million merchants and consumers.

In addition, a company headquartered in California proposed that the EU provide clear definitions for crypto assets and introduce licensing and regulation of companies operating in the industry.

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