The CEO of PayPal, Daniel Schulman stated that his firm is launching a new dedicated business unit to initiate a huge PayPal crypto aspiration.
On Wednesday, February 3rd, 2021, Daniel Schulman declared that the current financial system is antiquated and that his firm will be transferring much of its assets into blockchain and digital currencies.
Daniel Schulman further explained: “We all know the current financial system is antiquated, and we can envision a future where transactions are completed in seconds, not days; a future where transactions should be less expensive to complete; and a future that enables all people to be part of the digital economy, not just the affluent. We are significantly investing in our new crypto, blockchain, and digital currencies business unit in order to help shape this more inclusive future”.
During the first quarter of 2021, the new crypto business is expected to be launched, moreover Schulman further detailed that customers will be able to utilize Bitcoin, Ethereum, and many other cryptocurrencies at 29 million various merchant locations around the globe.
Financial giants (e.g., PayPal, etc.) and hedge funds (e.g., Grayscale, etc.) are consistently evolving with the rapidly changing financial system. At the same time, some states’ financial policymakers are urging for new regulations to control the pace of cryptocurrencies’ evolutions and the need for national digital currencies like digital Yuan and digital Euro.