Paypal has confirmed that it has been developing cryptocurrency capabilities in a letter the company sent to the European Commission regarding the EU framework for cryptocurrency markets. Recently, Paypal and Venmo were rumored to soon allow users to buy and sell cryptocurrencies directly.

Paypal’s Crypto Plans

In a letter to the European Commission (EC), Paypal revealed its work on developing crypto capabilities. The letter was in response to the public consultation launched in December last year on building an EU framework for markets in crypto assets. According to Ledger Insights, Paypal’s letter was published in June, along with a number of other responses the Commission received.

“The crypto-asset industry has experienced substantial growth over the past few years,” Paypal told the EC. “As such, Paypal is continuously monitoring and evaluating global developments in the crypto and blockchain/distributed ledger space.”

In the letter, the company explained its involvement with the Libra project, proposed by social media giant…

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