In a recent interview with Decrypt, PayPal CEO Dan Schulman revealed details about his plans for Bitcoin, Ethereum and the formation of his cryptocurrency unit within the company. At the end of 2020, the launch of payment processor crypto services was considered highly optimistic and marked a turning point for the industry. After integrating Bitcoin, Bitcoin Cash, Ethereum and Litecoin into its services, PayPal reported one of its best quarters , with high participation of its customers in the United States in the recently offered services. With the expansion of its offer to customers outside the United States, Schulman expects further growth during 2022 and greater global acceptance.Read more: After embracing the bitcoin, PayPal breaks record and exceeds CEO expectationsThe company is preparing to launch a unit dedicated only to cryptocurrencies. For this, they formed a council with specialists and sought the advice of Wences Casares, one of the founders of Xapo, a company dedicated to the custody of BTC. Some members of the technology unit are expected to form the new PayPal unit, its CEO told the news agency as follows:
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Although still in formation, Paypal's crypto-unit has already worked with smart contracts on the Ethereum network and other platforms. Schulman said that users with fewer resources suffer from high fees charged by banks, which can vary from 2.8% to 10%. The CEO believes that the digitalization of the financial system should have an impact on reducing costs for the consumer.
More than just selling cryptocurrencies
The company's CEO hopes that by 2022, company users will be able to do more than just sell, buy and store cryptocurrencies. In addition, he stated that worldwide financial institutions and governments are exploring ways to apply blockchain technology and solutions to improve the traditional financial system.
I think that some of the underlying technologies associated with cryptocurrencies – potentially some of the underlying technologies that central banks are analyzing – have the benefit of actually taking the infrastructure of the old system and modernizing it so that we can reach a much more inclusive society.
With more than 377 million users worldwide, Paypal hopes to become a unique website that offers users access to a wide range of services. To this end, they continue to work on consolidating partnerships with banks and companies with the aim of “building a new era of payments and financial services”. To achieve this, Paypal's CEO considers it essential to keep his cash flow intact. This will allow them to acquire companies inside and outside the cryptocurrency sector, and stated that this is not the company's priority at the moment:
It is not necessarily at the top of our radar screen. We don't necessarily like the ups and downs of what can happen if you invest in a particular asset class.
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