'Cryptocurrencies Will Redefine The Financial World,' Says PayPal CEO

The cryptocurrency industry has the potential to redefine the financial world, PayPal CEO Dan Schulman has said, noting the potential of stablecoins, CBDCs and digital tokens.

“I'm very excited about what crypto and digital ledger technology can do to the financial system going forward,” Schulman told CTech ahead of his keynote speech at Axis Tel Aviv on Monday.

“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think will redefine a lot of the financial world going forward," he added.

Considering the high volatility of the crypto market, investors are excited to hear a word from experts about Bitcoin's USD value and predictions of its movements.

However, Schulman said, "I think the initial things that everyone thinks about crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me.”

The payment processor giant has already hopped on the crypto bandwagon.

As per reports in January, PayPal Holdings noted that it is exploring the launch of its own stablecoin as part of its cryptocurrency push.

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg.

The global market cap was down 1.41% at $1.71 trillion as of 3.47 a.m. ET, CoinMarketCap data showed.