Showing posts with label paypal. Show all posts
Showing posts with label paypal. Show all posts

PayPal CEO: Excited For Crypto In 2021! Plans To Make Accepting Crypto Easy For 28+ Million Vendors & Businesses...

Dan Schulman, CEO of PayPal, shares his vision for digital currencies in 2021, including his plan to allow businesses that may fear Bitcoin's volatility to accept BTC and they will instantly and automatically convert to the promised amount in USD. 

There will no longer be any reason for a business not to accept it!

White this isn't a new concept, the fact they have 28 million businesses using their services means the impact could be huge.

Video Courtesy CNBC

There's now an official "PayPal token" on the blockchain - but you'll probably never own one...

Online payment giant PayPal has officially launched their own blockchain powered token, not for public use in payments though - this is for employees only.

An employee reward system to be more specific, PayPal's the director of innovation Michael Todasco told Cheddar the token powered platform was developed by a team of 25 inside of PayPal, and allows employees to earn tokens for things like suggesting new features or improvements, or participating in innovation-related programs.

So, what can the tokens be spent on?

"PayPal’s tokens are redeemable for more than 100 experiences offered on the platform, including poker tournaments with a couple of their vice presidents, a trail run and coffee with CFO John Rainey, and morning martial arts with CEO Dan Schulman. Gabrielle Scheibe Rabinovitch, the company’s head of investor relations, has offered to let employees borrow her dog for a day" said Todasco.

While this was their first blockchain project to be deployed outside of their developer labs, PayPal isn't totally new to the blockchain world.  They filed a patent earlier this year for technology that supposedly speeds up cryptocurrency transactions.
Author: Oliver Redding
Seattle News Desk

What is PayPal up to? Company files cryptocurrency related patent...

PayPal has filed their first patent related to cryptocurrency and blockchain tech. The concept behind it revolves around a system that transfers private keys off-chain to speed up transaction times.  An excerpt from the patent reads:

"The systems and methods of the present disclosure practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction by transferring to the payee private keys that are included in virtual currency wallets that are associated with predefined amounts of virtual currency that equal a payment amount identified in the virtual currency transaction."

It echos some of the concepts outlined by Microsoft last month (link).  It's becoming a widely accepted idea, that transactions must be confirmed off of the blockchain, then recorded to the blockchain afterwards - otherwise there's no way Bitcoin which is currently processing a maximum of about 7 transactions per second, will ever rival credit cards as a payment system which can do about 50,000 per second.  Lightening Network is a similar off-chain solution.

But also worth noting - a patent filing doesn't necessary mean a company is about to dive into cryptocurrencies head first. PayPal has not announced any specific product or service related to cryptocurrency coming soon.

You can read PayPal's full patent application here.
Author: Adam Lee
Asia News Desk