PayPal CEO Dan Schulman expressed his confidence in the future of digital assets during the first day of the Web Summit online conference. The CEO said cryptocurrencies are suitable tools to aid financial health, and it is high time they went mainstream.
According to Schulman, the unprecedented global health crisis has led to the adoption of new trends like an increase in the use of digital assets.
Schulman added:
“I think that if you can create a financial system, a new and modern technology that is faster that is less expensive, more efficient, that’s good for bringing more people into the system, for inclusion, to help drive down costs, to help drive financial health for so many people… So, over the long run, I’m very bullish on digital currencies of all kinds.”
Speaking to New York Times columnist Andrew Ross-Sorkin, Schulman said research revealed that 54% of PayPal users wanted the new crypto service even before it was launched. In October, PayPal announced that users can now hold, buy, sell, and purchase goods on its platform using Bitcoin and other altcoins.
In the interview with CNBC, Schulam further revealed that PayPal had a partial plan to enable the crypto payment service at the beginning of the year. He said PayPal planned to only allow users to sell, buy, and hold crypto assets. He added that the payment giant did not intend to allow users to pay merchants using cryptocurrencies.
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