PayPal might be to CBDC [Central Bank Digital Currencies] what private banks are to physical dollars.
The firm’s CEO, Dan Schulman, laid out a vision within its investor day on Thursday for PayPal’s cryptocurrency wallets being the means by which central banks distributed CBDCs to users across income levels
“You think what percentage [digital wallets] we’re getting to have within the next two, three or five years, and we’re an ideal complement to central banks and governments to distribute those digitized sorts of currency,” Schulman explained.
Schulman also explained that PayPal is looking into smart contracts and tokenizations of other non-crypto currency assets.
“This is a once within a multi-decade opportunity where the elemental rails of the system are getting to be redefined and that we have an opportunity to assist shape that,” Schulman explained.
The firm also released new numbers around the transaction activity of its users who use its cryptocurrency products.
PayPal users that use its cryptocurrency services have a 12% hike in weekly transactions on the platform. This is often partially over 40% of the United States PayPal users who use cryptocurrency return to use two additional transactions, the firms added.