PayPal CEO Dan Schulmann spoke about the company’s crypto strategy. The payment service provider still leaves open when Europeans can also make use of their “crypto law”.
At the “2021 Blockchain 50 Symposium: Crypto Goes Corporate”Once again the elite from the crypto finance industry was present. In addition to Cuy Sheffield, Head of Crypto at Visa, and MicroStrategy CEO Michael Saylor, Dan Schulman has also made the honor. The PayPal CEO summed up the company’s crypto strategy and explained where the journey could go.
Accordingly, the financial system is on a threshold. In just five years, Schulman estimates, the way money is moved will change more radically than in the last 30 years. This development is triggered in particular by digital currencies:
We are moving into the era of digital currencies, and these digital currencies are very promising, whether they are cryptocurrencies or central bank digital currencies. I believe that digital currencies can increase the usefulness of payments and make the financial system more inclusive and cheaper.
PayPal could play a central role in this transformation process. The payment giant’s crypto service has opened the doors to the crypto market for the mainstream. Since PayPal set up a crypto checkout for US merchants in March, cryptocurrencies have also been continuously integrated into payment transactions.
The crypto trading volume increases rapidly after just a few weeks. According to Schulman, a volume of 200 million US dollars could be achieved in a few months. The estimate is like a declaration of war. It took Coinbase Commerce, a crypto-fiat bridge for merchants, 13 months to build this brand.
This shows that the adoption process is accelerating. And so far only on US soil. However, the undreamt-of potential could only develop if the crypto service spills over to other continents. How long Europeans will have to be patient is still open to the payment service provider. In response to a request, PayPal only announced that “expansion to other countries is planned”. But one does not want to share details.
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