Writers at CryptoNewsFlash brought up a strong point about Fantom’s potential challenge to PayPal (PYPL). In 2022, Fantom demonstrated its potential to serve as a global payment and transfer system.
PayPal is a leader in the global payment market. It rose to prominence as the pioneer in giving consumers a means to transfer funds. Still, its share price and popularity peaked when the pandemic ended. PayPal will post its quarterly earnings report on Feb. 7. Its investors are keen to assess the competition that PayPal faced in the last quarter.
Sonic is a key component in the Fantom network that may enable the processing of as high as 10,000 ERC-20 transfers per second. This incredible speed suggests that PayPal would need to explore Fantom’s capabilities as it upgrades its system. Fantom’s potential capacity to handle more transaction volume is only theoretical. The foundation’s FTC has a market capitalization of $993.7 million as of Feb. 4 and is based on a $0.354 price. PayPal trades at a $67.3 billion market capitalization on an 18.6 times price-to-earnings ratio and a recent price of $62.42.
Your Takeaway
Fantom investors should tune into PayPal’s upcoming quarterly report. The credit services firm may discuss its plans for adopting cryptocurrencies in its next leg of growth.
