Dan Schulman, the CEO of PayPal, said at CoinDesk’s Consensus 2022 that the future of our financial system is being made up right in front of our eyes. If we rethink the foundations of the current financial system and get rid of middlemen so that money can be moved more quickly and cheaply, we might be able to make the future fairer.
Recently, the global online payments network let its users move bitcoins from its app to other wallets and exchanges.
Jose Fernandez da Ponte, the company’s general manager for blockchain, crypto, and digital currencies, said, “We built a bridge between the fiat world and the crypto world.” Fernandez da Ponte said at a presentation that people would now be able to use their PayPal accounts to connect to the huge Web3 network.
Taking into account the fact that cryptocurrency can go up and down, Most traditional markets are less volatile than cryptocurrency. As a result, many fund managers have told their clients not to invest in cryptocurrency.
Schulman says that protecting consumers is the key to reducing the volatility of the market. Schulman stressed that innovation needs to be done in a responsible way and with approval from the government. “You might not want it that way, but evolution needs it to be that way.”
Schulman said that the movement of money on blockchain rails would help a lot of people who are not currently served by the financial system or who are not served well enough by it. Schulman thinks that PayPal doesn’t help these groups right now, but he is sure that will change.
We’re in it for the long haul, but in five years you’ll start to see big changes.
Fernandez da Ponte is most excited about NFTs, stablecoins, and digital IDs for the next few years.
Fernandez da Ponte says that as NFTs (non-fungible tokens) change into digital property rights, they will gain a large number of uses. “I now have a way to show that I own something on-chain, which will be a very big change in the future”
In the case of stablecoins, he says that merchants who want to do large-scale sales must be ready to accept digital money. Stablecoins could provide security for these transactions in the future. “I think scalable stablecoins are right around the corner.”
In the end, you will need digital identification to “prove who you are.” Even though “the community is working very hard,” Fernandez da Ponte thinks this goal is quite far away.
The post PayPal executive adores NFTs, stablecoins, and digital identity appeared first on NFT News Pro.