Dan Schulman commented he is investing in bitcoins. He also says that his company is developing a blockchain solution for its platform.
In a recent interview with local media, Dan Schulman, CEO of PayPal, revealed certain details about the exit of Libra, the crypto project of Facebook, as well as his opinion on cryptocurrencies, also commenting that he has an investment in Bitcoin, and advanced projects that Paypal has prepared for the near future using blockchain technology.
During this year, one of the most surprising news was that the world’s most powerful social network, Facebook, would be preparing a crypto project that would lead to the launch of a cryptocurrency called Libra. In the announcement about Libra, the social network mentioned that some 28 world-class companies would be involved in its development, expansion, and support. These companies include PayPal, MasterCard, among others.
However, last month PayPal decided to leave the Libra project, being the first company to leave the project but clarifying that Paypal left its alliance to “focus on moving forward in our existing business mission and priorities”.
In this regard, during the interview, Schulman was asked about this decision. He argued that, in the beginning, Paypal was very interested in being part of a project that would boost his business and help the company with the issue of financial inclusion in terms of cryptocurrencies. “We are always exploring the next generation of technologies, such as blockchain infrastructure to do things more efficiently”, the CEO of PayPal said.
Schulman explained that, as they became more involved in the development of the Libra project, they understood that they still had many things to do before entering an initiative as powerful and ambitious as Libra. The CEO of PayPal concluded this point saying that the departure was not loud or badly, he simply wished them the best. “It was not a bitter divorce or anything like that. It’s just that they will begin to travel a path that interests us to see and monitor, and as we see later, let us find ways to work together”.
About the possibility that regulatory issues formed an important part in the outcome of his decision, the representative of PayPal decided to clarify that “regulation and compliance, for us, is essential. But we have an extremely strong relationship with all market regulators”, he sentenced.
The Exploration of Blockchain Technology and the Interest in Cryptocurrencies
Dan Schulman, during the interview, also confirmed the speculation that PayPal would be in the process of organizing the company for the start of projects related to blockchain technology.
On this issue, he said that PayPal is currently studying the possibilities of creating applications that use this technology to improve identity protocols. Schulman said in parallel that the applications that they seek to develop will not compete with the concept that Libra is currently creating.
Regarding the cryptocurrency issue, the representative of PayPal mentioned that there is currently no high demand for users interested in these assets due to their high volatility. But he said there is a strong interest in this technology, although he mentioned that, in his opinion, cryptocurrencies are traded more as if they were a product than as a currency.
At the end of the interview, Schulman revealed that he currently has his personal cryptocurrency reserve, recognizing that he has bitcoins among his economic reserves.
Hence, the main representative of PayPal admitted he has cryptocurrencies as a way to save money.
By María Rodríguez