While giving an interview, the CEO of PayPal Dan Schulman revealed information about his crypto assets. He told that he did possess crypto but like the CEO Twitter Jack Dorsey, he only trusts and owns bitcoin. This came as rather shocking because PayPal a payment system is itself a direct competitor of bitcoin, a peer-to-peer payment system introduced by Satoshi Nakamoto.
The decentralized traits exhibited by bitcoin has disrupted the current financial system and challenged all previously existing centralized payment methods. As Paypal allows people to electronically transfer money across borders, it competes with bitcoin that also eases borderless transactions. While the former is barely a service provider, the latter itself is a currency acting as a store of value. However, according to the CEO, bitcoin is a long way from becoming mainstream. He said:
Until it becomes less volatile, it won’t be a currency that is widely accepted by merchants on the web — not the dark web, but the web.
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Besides the CEO being selective while choosing bitcoin and supporting blockchain, the company had also previously shown an inclination towards the underlying technology, blockchain. As per the CFO of PayPal, John Rainey, there were teams deployed to explore blockchain and cryptocurrencies. In this regard, Rainey stated earlier:
We have teams clearly working on blockchain and cryptocurrency as well, and we want to participate in that in whatever form it takes in the future. I just think it’s a little early on right now.
PayPal, the first company to leave Facebook’s crypto endeavor Libra by abandoning Libra Association, is now looking forward to utilizing blockchain technology. Although the plans were revealed by Rainey a long ago, Schulman didn’t unveil exactly what the company was working with. Sharing insights on the potential of blockchain, the CEO enlightened:
We think there’s a lot of promise to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.
Let’s see how one of the biggest electronic payment systems of the world embeds blockchain technology in the future.