PayPal CEO Dan Schulman claimed that cryptocurrency has the potential to redefine the future. He expressed this fact when answering CTech’s questions before his keynote speech at Axis Tel Aviv.
‘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’, Schulman claims.
PayPal’s CEO was invited to speak via video link ahead of Axis Tel Aviv, an international investment and innovation conference to be held on March 29th at the Peres Centre for Peace and Innovation. This year, the conference will be held in person hosting more than 50 investors from foreign venture capital funds and international corporations that will meet 70 Israeli start-up companies that are in the process of developing new technologies.
Schulman continues by saying that ‘clearly, across the world, central banks are looking at issuing digital currencies. 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.’
Recently, PayPal has been sending regular emails to customers titled ‘Curious about crypto?’. Customers are claiming that they are being bombarded with adverts encouraging them to invest in volatile cryptocurrency and experts have been criticising PayPal for endorsing the unregulated digital asset, including Bitcoin.
PayPal is used all over the world in a variety of industries. The company’s annual mobile payment volume amounted to 227 billion U.S. dollars in 2018 and it currently ranks as one of the most popular mobile billing and leading payment option for online transactions in the U.S. It is used in a variety of industries such as retail, travel, property investment, online casinos, and sports betting like betting apps in Australia, etc.
A specialist at mutual Scottish Friendly, Kevin Brown claims that the notifications are coming from everywhere, not simply PayPal, for people to start investing in crypto. ‘It’s like in the old days when salesmen would come knocking on your door. The problem with crypto is it is not regulated. It is far too high-risk.’
A PayPal representative claims that, ‘We recommend customers ensure purchasing crypto is right for their individual financial situations.’
Furthermore, PayPal has been in the news for progressing further since the fintech company recently revealed that it will be developing its own cryptocurrency, a stable coin that will be possibly linked to the U.S dollar.