Remarkable Discourse from the Company Official: Is PayPal Entering the NFT Sector?
With the increasing use of cryptocurrencies and rising market values, many giant financial companies, especially Visa, Mastercard and PayPal, started to support crypto assets.
PayPal Official: There Was High Demand
In a recent podcast, Jose Fernandez, general manager of blockchain, crypto and digital currencies, said that PayPayl’s decision to support cryptocurrencies is a result of massive demand from his customers.
Jose Fernandez stated that with this high demand, supporting crypto assets is a responsibility on behalf of PayPal:
“We thought it was part of our responsibility to help make this asset class more accessible to the public.”
Expressing that they will expand their crypto asset services in their past statements, Fernandez flatly denied the rumors that PayPal will launch its own stablecoin .
Jose Fernandez, managing director of blockchain, crypto and digital currencies at payments giant PayPal, said that the technical complications of buying and holding NFTs (non-fungible tokens) have prevented many users from interacting with the industry:
“Your question for NFTs is that we definitely have a role to play in how we can enable a payment experience… This is what our merchant and partner in the media industry specifically wants.”
Is PayPal Entering the NFT Industry?
With this statement of the company official, the allegations that PayPal has started working on NFTs have been talked about a lot on social media. While many users in the media emphasized the decentralization of digital assets, many users expressed the opposite opinion that the crypto services of giant financial companies are important for potential investors who cannot access these assets due to technical confusion.