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According to PayPal CEO Dan Schulman, the payments giant’s latest move to enable crypto transactions to external wallets is a step away from the fiat world.
Schulman took center stage alongside PayPal’s crypto lead Jose Fernandez da Ponte at the Consensus 2022 event in Austin and explained the company’s gameplan. He said:
“We will instantaneously take your crypto and translate it into fiat, and you will be able to use that in any one of our 35 million merchant accounts, so we are trying to add functionality. But what we just did with transfers is kind of like the opening step as you might think about us moving from a fiat-orientated world to a digital currency one.”
Da Ponte added:
“Let’s assume there’s 100 million crypto users. The PayPal network that has hundreds of millions of consumers and millions of merchants was related but separated. We built a bridge between this fiat universe and this crypto universe. And the value of those two networks combined is going to be so much higher.”
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Schulman further explained that crypto has been a non-starter as a payment method, “but the stars are aligning in terms of stablecoins, regulation and digital identity innovation.” He added:
“The volatility will lessen over time; the utility will increase.”