The future of our financial system is being redesigned in front of our eyes, PayPal CEO Dan Schulman said at CoinDesk’s Consensus 2022. Rethinking the underlying foundation of the existing financial system by taking out the middle party, the money can be moved faster and cheaper, has the potential to make a more promising and fairer future.
The international online payments network recently let its users move bitcoins from its app to other wallets and exchanges.
We built a bridge between the fiat universe and the crypto universe,” said Jose Fernandez da Ponte, the company’s general manager for blockchain, crypto and digital currencies. Jose Fernández further added at the conference that Consumers will now have access to the wider Web3 network through their PayPal wallets.
Addressing the volatility crypto currencies, 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.”
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. Fernandez da Ponte is most excited about NFTs, stablecoins, and digital IDs for the next few years and aims that it will have big changes in upcoming years.
This news is published and verified by the NFT News media team.
