PayPal CEO, Dan Schulman, has indicated that the global payments company is accelerating its focus on cryptocurrency technology. He stated that PayPal remains committed to allowing transfers to third-party wallets.
At the company’s second quarter earnings call on the 28th of July, Schulman added that PayPal is “clearly thinking about what the next generation of the financial system looks like, how we can help shape that”.
According to Schulman, PayPal is having conversations with regulators and looking at how it can help governments with infrastructure for central bank digital currencies. The firm’s CEO believes that smart contracts and decentralised finance can play a big role in modernising the sector.
"“We can see how the use of blockchain concepts, including smart contracts, is the way to make financial transactions both safer and faster, and that’s why we have adopted them from the outset for our D¥NS cryptocurrency”, commented Dynasty Global Investments AG’s co-founder and CEO Eduardo Carvalho."