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  • CEO Dan Schulman believes that blockchain technology is promising.
  • PayPal was among the first companies to leave the Libra Association.

The CEO of PayPal, Dan Schulman, recently shared his views on cryptocurrencies and blockchain while interviewing with Fortune. Schulman revealed that while PayPal finds blockchain intriguing, he feels that the present systems are already “pretty efficient.” According to him, the benefits of blockchain revolve more around identity than efficiency. Schulman also mentioned that there isn’t a lot of demand for crypto from PayPal merchants because of its high volatility. Despite all that, he still thinks that cryptocurrencies are a brilliant idea.

That doesn’t mean that I don’t think crypto is an interesting idea and that people are trading it quite a bit. It’s more commodity-like than it is cash-like right now. But you can think of use cases in different countries and different places where it can be more stable than the alternatives.

Schulman also stated that he only owns Bitcoin and no other cryptocurrencies. PayPal used to be a part of the Libra Association before it pulled out. Speaking on the topic, Schulman said that PayPal found the idea very interesting and promising when it was initially presented by David Marcus, the head of Libra. However, after further research, they realized that a lot of work needs to be done to make it happen and PayPal felt that it was necessary to put more focus on its own roadmap.