PayPal’s CEO believes crypto assets are forging a more equitable and inclusive financial system.
During PayPal's Quarter 1 2021 investor update call, president and CEO, Dan Schulman said digital assets had performed strongly for the company and that he believes crypto and central bank digital currencies will be a driving force in forging “a more equitable financial system.”
Following the success of PayPal’s move to embrace crypto assets, much of the call centered around the firm’s recent and future plans for digital assets.
“We believe the current technological underpinnings of our financial system will be substantially upgraded over the coming years,” Schulman said, adding this would help efforts to recover from the pandemic:
“Both cryptocurrency and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.”
The CEO stated the payments provider has an extensive crypto roadmap planned, noting its digital asset innovations will be pursued “in partnership with governments and in compliance with local, national and global regulatory frameworks.”
“We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” he added.
The firm’s shares rose by more than 5% on Wednesday, April 5 in response to the earnings update, after PayPal revealed its per-share earnings had outperformed expectations by more than 20%, coming in at $1.22 each adjusted.