◆ PayPal Cryptocurrency Division
He explained the cryptocurrency division, which he first mentioned last month. Some of the core members of the PayPal technology team have moved, and an advisory committee composed of experts such as cryptocurrency and regulation is leading. PayPal has consulted Wens Casares, co-founder of cryptocurrency wallet Zapo, in the past. “He encouraged us to look at all the different types of structures that could emerge,” Schulman said.
He noted that the cryptocurrency division is experimenting with smart contracts and is working to improve transactions by conducting payment tests through Ethereum and other blockchains.
◆ PayPal, no plans to add Bitcoin balance sheet
Schulman said he has no plans to buy bitcoin like the companies that recently added bitcoin to their balance sheet, such as Square and Tesla. “(Buying Bitcoin) is not a top priority,” he said. “I don’t think there is a need to go through the twists and turns that occur when investing in certain assets.”
Schulman added that he wants to reserve extra funds for M&A such as cryptocurrency companies. PayPal contacted to acquire cryptocurrency trustees such as Bitgo and Curve.
◆ PayPal, a digital super app in the works
Schulman said he is envisioning a’PayPal Super App’ that provides features that other apps should have. Payment, shopping, financial services, and new forms of digital identification will be added to the Super App.
He said he is seeking ways to integrate various payment methods from store credit cards to hotel rewards into one app. “We are pursuing a partnership that can help PayPal expand its reach,” he added.