Paypal Holdings, Inc provides an alternative to checks and money orders. It is a very well-known American company that allows users to securely execute online payments and money transfers. While supporting over 26 currencies with offices in 31 countries, Paypal has gained the support of many. Surprisingly, along with the success Paypal has earned, there exists an unachieved goal as suggested by the co-founder of Paypal, Luke Nosek.
Recently, Luke revealed that although Paypal had managed to economically become very powerful, it has not fulfilled its primary aim. According to Luke, Paypal’s original goal was to build a digital currency just like crypto, independent and free from the influence of banks and governments. But instead, Paypal became a quite opposite model, substantially centralized, instead of what it was supposed to be.
Besides the co-founder, CEO of Paypal, Dan Schulman, was also recently involved in a discussion encompassing cryptocurrency. He gave his perspective on bitcoin (BTC) and stated that it was more of a ‘rewarding mechanism’ for the blockchain. He further added that as per his observations, acceptances of cryptocurrencies by retailers was not going well. He concluded that irrespective of poor adoption rate, the underlying technology of cryptocurrencies i.e blockchain seems to be very interesting.
In the past, Paypal launched a blockchain based platform to incentivize the employees. It was suggested that the platform resulted after a building process of about 6 months. Nearly 25 people have worked on the project in the Paypal’s San Jose-based innovation lab.
Just like the greats of the market such as Walmart and IBM, now, Paypal is also marked by the blockchain technology. Initially, the affiliation of blockchain has not consequenced a massive adoption at Paypal but in the future, we will see how exactly will Paypal handle the blockchain.