Dan Schulman of Paypal states that a focus on a specific form of crypto, such as bitcoin, is a mistake; rather, it will be the impact digital assets have on current financial systems. Despite that statement, Bloomberg states that PayPal is developing its own stablecoin. PayPal states it will work with regulators to assure a smooth launch and Bloomberg has found evidence of the stablecoin in PayPal’s iPhone app:
“Dan Schulman is the CEO of PayPal (NASDAQ:PYPL) and a proponent of cryptocurrency. Through Axis Tel Aviv video conference, Schulman shared his thoughts about cryptocurrencies, as he sees a bright future in crypto and believes that blockchain will provide new opportunities in the financial sphere:
“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.” However, Schulman doesn’t regard the value of Bitcoin or any other cryptocurrency as the main focal point. Instead, he explores how digital assets can impact the current financial system.
“I’m very excited about what crypto and digital ledger technology can do to the financial system going forward. I think the initial things that everyone thinks about crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me,” he said.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group