PayPal wants to create a global cryptocurrency
PayPal co-founder Luke Nosek admits the company would have created something like cryptocurrencies if the market had permitted.
At a panel at the World Economic Forum in Davos, Switzerland last week, Nosek was asked whether PayPal or WeChat Pay, an in-app payment system used by the major Chinese messenger, have already solved various problems related to online transactions, or whether cryptocurrencies can also solve those problems.
Responding to that question, PayPal’s co-founder said:
“Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”
The company succeeded in building something economically very powerful, he continued. However, PayPal never achieved its initial goal and became too centralized, too attached to the biggest financial institutions, such as Visa, Mastercard, and SWIFT, Nosek underlined.