PayPal included blockchain technology in the Strategic Technology Enabling office. According to anonymous sources, PayPal will offer in the short term the option of buying and selling cryptocurrencies.
Currently, the company PayPal Inc. is looking for an engineer for its blockchain research group, which is part of the Strategic Technology Enabling office. This search coincides with the rumors that this company is about to offer the sale of cryptocurrencies through PayPal and Venmo.
One of the employment options available on the PayPal website is related to the position of “Blockchain Research Engineer.” That offer, opened on June 3rd, states that this researcher will have among his functions to search for “use cases that can expand PayPal’s understanding of blockchain and specific blockchain implementations.”
Another prominent function that the person hired must perform is to interact with potential partners, suppliers, and industry media dedicated to the development of blockchains. He/she must also be able to recommend products and technologies external to the company that can contribute to the development of “new company concepts”.
The text adds that the “ideal candidate” will have a “strong history of innovation” and the ability to research by his/her own in the areas necessary for the position. Besides, the offer states that the research team “will seek to understand the current and future state of blockchain technologies, their relative advantages, and disadvantages, and their applicability to PayPal’s core and adjacent businesses.”
The offer also makes it clear that research objectives will be reassessed with a periodicity of between 3 to 6 months. Depending on these results, the investment will continue, increase, or decrease. If “there are no more relevant research objectives” after the evaluation, the text even determines that the team could research in other areas.
Rumors about Cryptocurrency Trading on PayPal
Last June 22nd, PayPal’s alleged plans to offer, in the short term, the sale of cryptocurrencies on its platform came to light. Anonymous sources with knowledge of the project have confirmed that, within three months, the payment platform would be offering the new service to its customers.
The testimonies did not shed light on the amount or the types of cryptocurrencies that PayPal would include. However, the sources added that the company would hold conversations with exchanges, such as Coinbase and Bitstamp, to obtain the necessary liquidity to offer the said service.
On previous occasions, PayPal has approached the world of cryptocurrencies. Its most recent approach was its inclusion in the Libra Association, which would allow creating Facebook’s cryptocurrency project, Libra. However, the same has happened with other companies initially named in the association, PayPal left the project in the last quarter of 2019.
The company’s CEO, Dan Schulman, had anticipated that they were working on projects associated with cryptocurrencies and blockchain technology. However, they did not provide details on what they were developing at PayPal.
The importance of cryptocurrencies and blockchain technology is becoming increasingly evident in today’s world. The fact that payment platforms such as PayPal are looking for an expert in the blockchain area demonstrates their interest in using this technology to optimize their service.
By Willmen Blanco