PayPal CEO: Demand for cryptocurrencies exceeded company expectations

The head of the payments giant PayPal, Dan Schulman, in an interview with TIME said that demand for digital assets had exceeded the company’s expectations.

According to him, in the next 5-10 years the world is expected to see more changes in the financial system than in the previous 10-20 years.

“In ten years you will see a colossal drop in the use of cash. All payment form factors will move to the mobile phone,” Schulman explained.

The PayPal CEO added that central bank digital currencies (CBDCs) could use distributed ledger technology, similar to Bitcoin. However, CBDCs are often just digitisations of fiat currencies and are fully regulated by governments, Schulman noted.

He said that as the popularity of digital assets grows, the company should focus on cybersecurity.

In November 2020, PayPal launched the purchase and sale of bitcoin for users in the United States.

In early March 2021, the payments giant confirmed plans to acquire Curv, a provider of infrastructure for storing cryptocurrencies.

On 30 March, PayPal added the ability to pay for purchases with Bitcoin, Ethereum, Litecoin and Bitcoin Cash at 29 million partner stores.

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