The CEO of PayPal said that in the future, the company may focus on distributing government-issued cryptocurrencies issued by central banks to citizens.
According to PayPal CEO Daniel Schulman, the platform can play the same role for government cryptocurrencies as private banks do for the dollar. Shulman outlined his vision for PayPal digital wallets as a tool for central banks to distribute government cryptocurrencies to consumers with different income levels.
“I think about how many digital wallets we will have in the next two, three or five years. In my opinion, PayPal is the perfect complement for central banks and governments in spreading these digitalized forms of currency, ”he said.
Shulman also said PayPal is looking into smart contracts and asset tokenization.
“This is an opportunity every few decades when fundamental systems change and we have a chance to help build new infrastructure,” Shulman said.
The company has also released new data on the transactional activity of customers using its cryptocurrency-based products. The number of weekly transactions made by PayPal customers who use cryptocurrency services increased by 12%. This is in part due to the fact that over 40% of PayPal customers in the US return to complete more than two additional transactions.
Earlier this month, Schulman revealed that the company plans to launch a new division to work in the cryptocurrency industry, and last November PayPal launched a cryptocurrency purchase feature in its app for US users.
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