PayPal Forms a ‘Crypto, Blockchain & Digital Currencies Advisory Council’
The council includes leading experts from the fields of distributed technology, as well as specialists of the economic and regulatory understanding pertaining to blockchain and crypto.
PayPal’s New Council
The payment processing giant stated that in order to provide better digital financial services in the future, they have acquired ‘world’s best leaders’ in order to better understand the opportunities and challenges this field presents.
In addition to the same PayPal stated:
“To support not only our current and future products in the space but our broader mission of leading the way towards a more affordable, efficient and inclusive digital financial system, we have established a cross-disciplinary advisory council on Blockchain, Crypto and Digital Currencies (BCDC) comprised of some of the world’s leading experts in cryptography, distributed technology, regulation, economics, and capital markets.”
The six members that make up the advisory council include Peter L. Briger, Jr. – Co-CEO of the Fortress Investment Group; Chris Brummer – Faculty Director, Institute of International Economic Law; Dr. Shafi Goldwasser – winner of the Turing Award and the Director of Simons Institute for the Theory of Computing, UC Berkeley.
Along with them the team also has Timothy Massad – Former Chairman of the U.S. Commodity Futures Trading Commission from 2014-2017; Dr. Neha Narula – Director, MIT Digital Currency Initiative; as well as Antoinette Schoar – Stewart C. Myers-Horn Family Professor of Finance and Entrepreneurship at the MIT Sloan School of Management.
Whether the council will be directly responsible for the expansion of PayPal’s crypto crusade is uncertain as well as what next step the fintech giant will be making in regards to crypto.
Last year the company enabled its customers to buy, hold and sell cryptocurrencies from their accounts as well as make transactions across its 26 million merchants.
The PayPal Slip
In the midst of their crypto expansion, PayPal recently suffered a major blow in the stock market when its shares slumped by over 25% last week. The mixed earnings it suffered in the final quarter of 2021 ended up disappointing investors.
This even led to many analysts slashing their predictions for PayPal’s price targets by as much as 40%
If their crypto move pays off then the same targets could be revived provided their council proves to be successful.