Paypal CEO: “crypto is an interesting idea, blockchain shows a lot of promise”

In an interview with Fortune, PayPal CEO Dan SCHULMAN said that he owns bitcoins, and didn’t purchase any other coins. He also called cryptocurrency an “interesting idea” and claimed that blockchain is a promising technology.

Regarding Bitcoin and cryptocurrency from the point of view of PayPal business, Schulman noted the following:

“On the crypto side, it’s still very volatile, and therefore, we don’t have much demand for it by merchants because merchants operate on very small margins. And what they have to do is immediately turn it into fiat, and there’s a fee for turning it into fiat, so any advantage in cost is typically eaten up by that conversion fee. Until it becomes less volatile, it won’t be a currency that is widely accepted by merchants on the web — not the dark web, but the web.”

Schulman also noted that he and his team are carefully studying the blockchain infrastructure in order to work more efficiently. According to him, blockchain can find high-quality application in the field of identification.

Recall that Paypal was one of the first companies to agree to support the Facebook Libra project, and just as quickly abandoned it after receiving warnings from regulators.

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