PayPal Co-Founder Admits Payments Company Originally Wanted To Create Crypto-Like Currency
It’s always quite curious when a company that constantly bashes Bitcoin and the crypto world like PayPal, whose executives often attack the crypto industry, affirm that they actually wanted to make crypto-like currencies once upon a time.
One of the co-founders of PayPal, Luke Nosek, has recently affirmed that the company originally wanted to create its own digital currency, which would be independent of banks and governments. This information was famous after he talked about it on a video on Bloxlive.Tv today, but it was originally affirmed last week in Davos, Switzerland, during the World Economic Forum.
At the time, Nosek was asked during a panel whether PayPal or WeChat Pay could have solved all the problems that online transactions currently have or if cryptos would be the better way to go.
His answer was that one of the initial goals that PayPal had back when it was created was to create a whole new global currency that would be fully independent and would not suffer from the interference of “corrupt cartels of banks and governments”.
While the company achieved a tremendous level of success, the currency idea never actually flourished. Nosek seemed somewhat disappointed that PayPal had to rely upon Visa, Mastercard and SWIFT instead of having its own currency like it was the original plan. Therefore, the company has to keep these companies and institutions happy in order to survive in the market.
PayPal Co-Founder Regrets Not Creating Cryptocurrency
Nosek affirmed that it was one of his biggest regrets that he and Elon Musk, which helped to found PayPal, could not find the proper time to create their own currency and enter the decentralization game. They had to give something to the investors as quickly as possible and the adoption of a decentralized currency could be slow, which is part of the reason why they were not able to do it.
The developer affirmed that he is, unlike most of the current PayPal executives, very grateful to Bitcoin (BTC) and Ethereum (ETH) both for deciding to create their own ecosystems instead of following the pressure as he did because of the of the PayPal investors.
At the moment, PayPal has over 254 million users from the whole work. The company is certainly very successful, but the decentralization dream was never even close to being achieved.
Now, however, the company is using a blockchain-based reward system for the employees of the payment company, so it looks like PayPal has not forgotten all of its roots and there is some hope for the future.