PayPal Experimenting with Ethereum Smart Contracts
The CEO of PayPal has revealed that his firm is experimenting with Ethereum and other blockchain smart contracts. They want to check whether emerging technologies can improve their business processes, enhancing payment efficiency. Additionally, PayPal—which supports select cryptocurrencies, including ETH, plans to set a business unit dedicated to cryptocurrencies.
Ethereum and crypto represent evolution. Already, Bitcoin has proven to be disrupting traditional finance, helping move $3.5 trillion over the last year without intermediaries in a highly reliable network. The entry of PayPal and other public companies is a game-changer. Comments from Dan Schulman are a significant boost for crypto, specifically Ethereum, that Amazon Web Services (AWS) now supports the hosting of its nodes. Through the business unit that the multi-billion firm plans to form, PayPal wants to grab the opportunity, building a new infrastructure advancing the utility of digital currencies.
Impact on ETH Prices:
Bullish. Gas fees may bog down Ethereum, but developers are actively working, climbing out of the Proof-of-Work pit. Endorsement from PayPal cements its position as a leader in smart contracting and potential platform underpinning the next generation powering core infrastructure of a multi-billion public company.
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