Giving PayPal users the ability to transfer crypto out of the walled garden to external wallets. It’s an initial step in leaving the fiat-focused world to cryptocurrencies, according to the CEO. Dan Schulman say
Schulman, who joined the stage at Consensus 2022 In Austin, Texas, PayPal crypto lead Jose Fernandez da Ponte said his company is playing the long-term game with crypto.
“You can use Crypto in our 35 million merchant accounts, so we are trying to add functionality,” Schulman said, “but what we just did with the transfer is the same as the beginning. As you might think, we are shifting from a fiat-focused world to a cryptocurrency.”
at first glance PayPal’s long-awaited move is just following the trend, which includes Robinhood and other crypto apps, but giving consumers the ability to get in and out of PayPal wallets also benefits different large networks, da Ponte said.
“Let’s say there are 100 million crypto users, a PayPal network of hundreds of millions of consumers and millions of merchants that are related but separate. We have built a bridge between the fiat money universe and the crypto universe. And the value of the two networks combined will be much higher,” da Ponte said.
“Volatility will decrease over time. The utility will increase,” he said.
Schulman says the current crypto bear market is the time to double the bets. When asked if he owns any cryptocurrencies and uses them for what? Especially when PayPal users can send their coins to MetaMask and buy NFTs, Schulman said: “I buy, hold and sell – sometimes outside of PayPal, but I don’t sell that often.”
The post “Allowing PayPal Users to Transfer Crypto to External Wallets It is the first step out of the world of fiat money,” the CEO said appeared first on Bitcoin Addict.