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PayPal’s CEO lauds cryptocurrencies for their utility, while downplaying price significance

The CEO of online payment giant PayPal (NASDAQ: PYPL) expressed his excitement over cryptocurrencies and blockchain technology and what they can do for the financial system.

Dismissing the importance of price in the conversation, Dan Schulman praised the utility that digital currencies can provide for payments, in an exclusive interview with CTech on March 14:

“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. That is thinking about digital currencies as an asset class. To me, the real exciting thing about digital currencies is what kind of utility can they provide in payments,” he said.

Noting the worldwide trend of central banks seeking to issue digital currencies (CBDCs), Mr. Schulman commented:

“The intersection between CBDC, stable coins, 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.”

PayPal already supports crypto trading

It’s worth mentioning that Mr. Schulman has long been one of crypto’s loudest supporters, with his company allowing the buying, selling, and holding of cryptocurrencies through its app since October 2020. At press time, the supported digital assets on the app included Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), and Litecoin (LTC). 

For the moment, this feature is available to PayPal’s customers in the United States and the United Kingdom, while the company is exploring the potential for digital currencies through partnerships with licensed cryptocurrency platforms and central banks.

It’s also worth noting that PayPal’s CEO will be discussing technology in the financial world as the keynote speaker at the upcoming Axis Tel Aviv conference in late March. 

Every year, the event gathers startup founders, venture capitalists, and important figures from international corporations to discuss fintech, new technologies, and investment opportunities.

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