Paypal boss opens up on leaving Facebook & promises of blockchain technology

As cryptos are "still very volatile", there would be only a small demand among Paypal's merchant customers for these new currencies

As we know, some of the biggest candidates for the future network of Facebook's Stablecoin Libra preferred to leave the ship. The CEO of Paypal recently confided about the reasons that led his company to leave Mark Zuckerberg's project. As a bonus, he also gave his vision of the cryptocurrency market, which would almost hint at some maximalism of Bitcoin (BTC).

Leaving Libra: just a matter of priority, officially

Apple brings PayPal into its ecosystem. Reuters

Interviewed by Fortune magazine, Dan Schulman, CEO of electronic payment giant Paypal, had the opportunity to discuss the reasons for his departure from the Libra Foundation of Facebook. It is worth recalling that, among the first participants to integrate the Libra Foundation, set up by Facebook, Paypal will also be the first member to get out of it and regain its freedom, worried about the bad buzz generated by the project of the blue thumb giant.

If the CEO of Paypal takes care to point out that no one left angry, Schulman evokes in words the fact that Paypal could have some projects in store and hunt on crypto-territories potentially similar to those targeted by Facebook.

"It wasn't an acrimonious divorce or anything like that. It's just that they're going to start going down a road that we're very interested in looking at and exploring as well. Maybe later there will be ways to work together. I wish them well."

Is this about the hostility of regulators all over the world towards the Facebook project? Paypal's boss clarified that it was not the reason why they became afraid. According to him, this mass defection of large companies – which would have the most to lose – would not be due to the thinly veiled threats made by various regulators.

The promises of the blockchain

Thus, and even if it is in words covered, Paypal does not turn its back on blockchain technology as the CEO stated that they think there is a lot of promise in blockchain and further added, "It intrigues us, but we really need to make it something that traditional frameworks can't do. Most people think that blockchain refers to notions of efficiency, but the current system is rather effective. Sometimes there are superfluous intermediaries, but the current frameworks are quite strong. So we think a lot of what can happen on the blockchain is identity-related, for example."

Obviously, bitcoin betting continues to make new followers, and not least. Concerning the research carried out by Paypal on cryptocurrencies and the "blockchain technology", we will have to wait, however.

Related topics : Facebook