PayPal CEO: “crypto has greater utility in payments”

Dan Schulman, CEO of PayPal, has expressed his views on cryptocurrencies, stating that the most curious part is how crypto can provide greater utility in payments. 

PayPal CEO: crypto provides utility in payments

According to an interview, CEO of PayPal Dan Schulman, seems to be fascinated by the world of cryptocurrencies, not so much as an asset class but about what kind of utility they can provide in payments. 

Here are his verbatim words:

“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. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments”.

The interview took place in Israel, ahead of Schulman’s video address at Axis Tel Aviv 2022, an international investment and innovation conference taking place on 29 March. 

Dan Schulman: crypto redefining the future financial world

Continuing his remarks, the CEO emphasized that he is aware that central banks are working on CBDCs and that combining this with stablecoins, digital wallets and more useful payments through cryptocurrencies, will redefine the future financial world. 

Another aspect captured by Shulman concerns the “challenge of retaining talent”. In this sense, the CEO of PayPal describes how there is a lot of talent that comes into startups and is able to make a difference, and how the same thing can happen within large companies like PayPal. 

In this regard, at the end of last year, it was noted that more and more Silicon Valley professionals are leaving global giants such as Twitter, Google, Amazon, Meta and other companies to get rich in the cryptocurrency sector. 

In this sense, crypto startups are literally attracting and winning over technical executives and engineers looking for unique opportunities that can make a difference. 

Work on the dollar-pegged stablecoin

Earlier this year, news leaked that digital payments giant PayPal was working on the creation of its own stablecoin pegged to the dollar. 

Steve Moser revealed the super news, which was later confirmed by PayPal’s senior vice president for cryptocurrencies and digital currencies, Jose Fernandez de Ponte. 

In fact, at the time of writing, the big project has not yet been revealed, nor has the PayPal stablecoin launched. Certainly, what is clear is that PayPal is interested in the world of cryptocurrencies, as also stressed by its CEO Dan Schulman.