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Paxful CEO believes banks would have to support crypto to stay relevant

digital assets

  • Paxful CEO urges bank and other financial institutions to support cryptocurrency.
  • Hails PayPal’s entrance into the industry as a game changer

Banks that want to remain relevant in the current financial system would need to provide support for cryptocurrencies. This statement was made by Paxful CEO, Ray Youssef, in an interview he granted to The Cryptonomist.

In the interview, the Paxful CEO hailed PayPal’s decision to integrate cryptocurrency into its payment gateway system as the right thing to do. He further advised banks and other financial institutions to join the wagon before it becomes too late.

He said every bank and every wallet in the world would have no other option to adopt crypto because if they don’t, crypto would enter into their space and leave them in its wake.

He highlighted that the smart ones among those banks and institutions are already getting into the crypto space and looking at how they can harness crypto to their advantage.

Paxful CEO also said that a lot more could be done in terms of regulation in the industry. He believes that with a clear cut regulation, industry players like PayPal and others would become much more creative in their dealings.

Paxful CEO wants PayPal to open its gateway to external Bitcoin transactions

Paxful CEO has said that PayPal could be of immense help to the crypto industry if it opens its gateway to external Bitcoin transactions.

He advised that PayPal should allow its users to be able to transact with external crypto OTCs. He went on to point out that there would be no reason to block legitimate transactions that would be happening across the wallets.

He said if the financial giant should go on to open its network to external OTCs, the industry would be able to win big.

You will recall that PayPal has said its crypto features would only be currently available to its US users. The feature would be rolled out for its international and Venmo users by next year.

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Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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