PayPal has embarked on a major cryptocurrency effort in recent months, launching new features for buying and holding digital coins as well as the ability to pay for purchases using cash.
Developer Steve Moser was the one who found the evidence within the PayPal mobile App:
“Evidence hidden inside of PayPal’s iOS app has revealed that PayPal is working on a coin called “PayPal Coin”. When Bloomberg reached out to PayPal about it PayPal responded that they are working on a USD stable. A stable coin is a cryptocurrency that is pegged to a more stable currency. The PayPal Coin logo looks like PayPal’s logo but with two horizontal lines through it.”
“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News.
The news was first released by Bloomberg, PayPal spokeswoman declared that those images and the code in the App are proven to be the result of an internal hackathon within the company.