PayPal CEO spoke about his investments in bitcoin and the reasons for leaving the LibraCEO PayPal project Dan Shulman spoke to Fortune magazine about the decision of the payment company to leave the Libra Association and his personal investments in cryptocurrencies.

PayPal CEO spoke about his investments in bitcoin and the reasons for leaving the Libra project

PayPal CEO Dan Shulman spoke to Fortune magazine about the payment company's decision to leave the Libra Association and his personal investment in cryptocurrencies.
 

In October, PayPal became the first company to announce its exit from the Facebook stablecoin project; following him, several other potential participants made the same statements.

«We support Libra's aspirations and intend to continue the dialogue to work together in the future. Facebook is our long-term and valuable strategic partner, and we will continue to collaborate and support Facebook in different ways.», – then the company said.

 

Schulman confirmed that initial interest in the project was chilled by the opening horizon, adding that relationships with regulators are of primary importance to PayPal. He did not rule out that in the future, some kind of cooperation could be established between PayPal and Libra..

When asked if he invests in cryptocurrencies, Shulman stated:
– Yes, in bitcoin.
– Only in bitcoin?

– Yes. Only.

Shulman refused to disclose information about PayPal's own work in the field of cryptocurrencies and blockchain, which was previously mentioned by the company's CFO John Rainey, citing competition interests..

 

 

«We are interested in blockchain, but we need to use it where the traditional approach fails. Many people think of blockchain in terms of efficiency, but the existing system is quite effective. Therefore, we look, for example, towards identification solutions, – he said. – As for cryptocurrencies, they are very volatile, so we do not see an increased demand for them from sellers. This does not mean that cryptocurrencies are not an interesting idea. Now they are more like a commodity than money. But in some countries they may be an even more stable alternative.».

 

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