PayPal’s CEO shows optimism that crypto will redefine the financial world

The CEO of PayPal, Dan Schulman, has stated that the digital asset sector can redefine the financial sector. Schulman’s latest comment reiterates his support for the cryptocurrency industry.

Shulman’s remarks also echo the sentiments of prominent crypto supporters such as Michael Saylor, MicroStrategy’s CEO, who stated that cryptocurrency and blockchain technology will transform the world in an unimaginable way.

Crypto will redefine the financial world

Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Schulman was speaking at Axis Tel Aviv, where he stated that cryptocurrencies, central bank digital currencies (CBDCs), stablecoins and digital wallets could transform the monetary system.

“The intersection between CBDC, stablecoins, 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,” Schulman added.

Schulman is also less interested in the value of Bitcoin, as the crypto community usually predicts. He noted that Bitcoin’s price movement was not relevant and that the benefits of the digital asset sector outweighed the performance of individual coins.

“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,” the executive added.

PayPal’s venture into digital assets

PayPal is a leading online payment processing firm. The company has already ventured into the digital asset sector. Recently, PayPal announced the launch of a feature known as “super wallet” that provides services related to cryptocurrencies.

Earlier in 2021, PayPal announced it was developing its own cryptocurrency. The cryptocurrency in question would be a stablecoin whose value will be pegged on a fiat currency such as the US dollar.

At the time, the Senior Vice President of Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte, noted that “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators. He added that the stablecoin would be compliant with regulations.