CBDCs Could Be Distributed Via PayPal’s Digital Wallets

CBDCs could be distributed via PayPal’s digital wallets as the company’s CEO Dan Schulman said as the company aims to become what private banks are to physical dollars to the CBDCs so let’s read more in today’s latest crypto news.

The company’s CEO Dan Schulman explained his vision during an investor day for PayPal’s digital wallets and said that these are the means by which central banks distributed CBDCs to consumers on the income levels:

 “You think about how many [digital wallets] we’re going to have in the next two, three or five years, and we’re a perfect complement to central banks and governments to distribute those digitized forms of currency.”

Schulman revealed that CBDCs could be distributed via PayPal’s digital wallets and also that the company is looking into smart contracts and the tokenization of other non-crypto assets:

 “This is a once in a multi-decade opportunity where the fundamental rails of the system are going to be redefined and we have a chance to help shape that.”

The company released new numbers on the transaction activity of its company and the customers that use its crypto products. The company customers that use crypto services have a 12% increase in the weekly transactions on the platform which is in part more than 40% of the US PayPal customers that use the crypto return to complete two additional transactions.

As reported previously, PayPal records the highest crypto trading volume of $240 million as the global market cap re-takes $1 trillion and Wall Street records losses. The global market cap recovered after the record-breaking crash that led BTC to $30,000. The tech stocks took a beating once again as more regulation Is expected to be imposed under Biden’s administration. About $242 million worth of digital assets were moved through the platform which means PayPal records the highest crypto trading volume, higher than the previously recorded one of $129 million set a week ago according to the data by Nomics. Many wanted to know whether the surge in volume was due to investors cashing out or cashing in.

Also, CEO Dan Schulman explained more on why his company is placing huge bets on BTC. PayPal’s Schulman said that BTC and the aggregated class of crypto assets derive value from utilities. He pointed out a scenario where the dependability on cash decreased by 40 up to 70 percent due to the ongoing coronavirus pandemic. Central banks are expected to go digital and convert paper fiat into their electronic twins.