PayPal CEO Explains Why They Left the Libra Association

PayPal CEO Explains Why They Left the Libra Association
  • Dan Schulman said during an interview that he is indeed a hodler of Bitcoin.
  • Schulman stopped by Fortune for an interview where he discussed several topics, including PayPal’s shift away from the Libra Association.
  • “When David Marcus came to talk to us about Libra initially, he framed it in ways that were appealing to us about financial inclusion.”

The CEO of payment processor PayPal, Dan Schulman said during an interview that he is indeed a hodler of Bitcoin.

Yesterday, 20th November, Schulman stopped by Fortune for an interview where he discussed several topics, including the reason, behind PayPal’s shift away from the Libra Association and whether he actually owns any cryptocurrencies.

Leaving Libra

When Fortune asked Schulman on why the payment protocol left the Libra project hanging, he said:

“When David Marcus came to talk to us about Libra initially, he framed it in ways that were appealing to us about financial inclusion. We’re always exploring the next generation of technologies — like blockchain infrastructure to do things more efficiently. And you know, we’d like to learn more about it. All of us were interested in learning more. As we learned more about [Libra] and saw the amount of things that were still left to do and the amount of things we still had to do on our own roadmap outside of Libra, we said, ‘You know, we think if we focus on our own roadmap, we’d be able to advance financial inclusion faster than if we put all these resources against Libra.’” 

He added:

“It wasn’t an acrimonious divorce or anything like that. It’s just that they will start going down a road that we’re very interested in looking at and monitoring, and maybe later, there are ways we can work together. I wish them the best of luck on it.”

This is probably a little bit different than what a lot of people had envisioned in their minds about the two’s breakups but it’s nice to see nothing was too messy.

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