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PayPal Executive says crypto is less important in terms of trading purpose

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PayPal Executive says crypto is less important in terms of trading purpose 11

The chief executive officer of PayPal shared his stance on the crypto and blockchain industry and appreciated the utility of digital assets. 

PayPal is an American financial payment company and it is known to provide payment services across the world with its full security-focused services. In Q4 2020, PayPal announced its first move in the crypto industry to allow payments in crypto to its merchants. Now PayPal allows its users to trade in crypto assets with a high limit.

Dan Schulman, CEO of PayPal, recently shared his stance on crypto during an interview ahead of the Axis Tel Aviv international investment conference. 

Dan said that people should not see the crypto and blockchain industry as a tradeable asset, instead it can contribute a vital role in the global payment system. 

“I’m very excited about what crypto and digital ledger technology can do to the financial system going forward.”

PayPal CEO said that the majority of the people are looking at crypto assets for its price and prediction for the next day but he is not focused on such things about crypto, instead, he is curious about its technology and use case.

“To me, the real exciting thing about digital currencies is what kind of utility they can provide in payments.”

In the interview discussion, PayPal CEO hinted at the use case of Central Bank Digital Currency (CBDCs) or stable coins and digital wallet systems can collabratively bring a better experience for the people to facilitate payment transactions in day-to-day life. 

“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating, but I think will redefine a lot of the financial world going forward.”

PayPal stablecoin 

In the beginning weeks of January of this year, a developer expert found that PayPal is working on its digital currency. But later a report from Bloomberg confirmed that PayPal is really working on its stable coin.

Reportedly Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, said that PayPal is working on its stable coin under full regulatory approach to use in the payment system. However, he also confirmed that nothing is sure about its name but ensured that it will be like a stablecoin or private CBDC.

Read also: NFTs trade platform soon to be launch by Coinbase

PayPal Executive says crypto is less important in terms of trading purpose

 

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