In an interview with Fortune, PayPal CEO disclosed that he owns Bitcoin and also talked about why the firm left the Libra project.
PayPal CEO Dan Schulman revealed that he owns Bitcoin in the interview with Fortune. He also discussed the Libra project and why PayPal decided to pull out from it. He discussed his opinions about digital assets and disclosed details regarding the work his company is doing in the field.
He noted that blockchain technology possessed huge potential. However, he stated that non-blockchain systems are already very efficient. The greater benefits provided by blockchain technology revolve around identity.
He revealed that there was little demand for crypto assets by vendors that used PayPal services. Regardless, he still thought that “crypto is an interesting idea.” He noted that crypto was more similar to a commodity than a currency. However, he highlighted that people can still find numerous use-cases for it across different regions.
The reason behind PayPal leaving Libra
Facebook’s Libra stablecoin project shook the financial world with its announcement earlier this year. The stablecoin project is supposed to be a multinational-scale project that would affect billions of people. However, ever since its announcement, it has been shrouded in controversies. Among its 21 founding members, three have already withdrawn from the project, including PayPal.
According to PayPal CEO, PayPal was intrigued by the idea of Libra when David Marcus first showed it to them. However, as the company researched the project, they realized that many things need to happen before it could be achieved. PayPal itself has a complex roadmap that needs focus, and it made more sense to invest the resources at the right place.