There is a certain correlation between the world of digital currency and traditional finance, even though very few people will acknowledge this to be true. PayPal, while a direct competitor of Bitcoin, has also embraced the digital currency in the past through its BrainTree subsidiary. To make matters even more interesting, one of the most prominent Bitcoin entrepreneurs – Wences Casares – has taken up a board position at PayPal to help the company shape the future of money.
PayPal Board Welcomes Wences Casares
The future of money is up in the air right now, as various companies all over the world are all vying for the top contender spot to disrupt traditional finance. Even major online payment services such as Paypal are worried about their position in the future, which is why the company is trying to stay ahead of the curve. Hiring one of the most prominent and successful Bitcoin entrepreneurs in history seems to be the smart move.
With so much competition from FinTech companies and entrepreneurs all over the world, the time for innovation has never been direr than right now. Unfortunately, keeping up with current trends is not as easy for some companies as it is for others. PayPal is in a privileged yet awkward position at the same time.
Despite being the most popular online payment processing service in the world, PayPal is rethinking their role in the future of money. While the service has been a convenient solution for many years, the company is unable to offer its core service in all countries these days. Capital controls and struggling economies are forcing the hand of Paypal in most cases, and alternative solutions have to be found.
If there is one person who knows a thing or two about entrepreneurship and disrupting the financial sector, it is none other than Wences Casares. Even though he is only 41 years old, Wences has founded more successful companies in the past few years than most people will do in their entire life. By getting involved in the Bitcoin world as an early adapter, Casares managed to get a headstart in the digital currency ecosystem.
Furthermore, it is no coincidence PayPal decided to bring someone on board who is heavily involved in Bitcoin. The popular payment processor announced their plans to adopt Bitcoin back in 2014, although no exact details have been released to date. By hiring a prominent figure in the Bitcoin world, the company seems to be honoring their earlier statement.
PayPal CEO and President Dan Schulman stated:
“I join PayPal’s directors and the entire PayPal team in welcoming Wences to our Board. Wences’ unique line of sight into the future of commerce is ideally aligned with PayPal’s vision of transforming the management and movement of money for people around the globe.”
Bitcoin is The Future, No Bones About It
This move by payPal is another validation of the legitimacy of Bitcoin. Whereas many people have refuted the success of Bitcoin, in the long run, the digital currency is not going anywhere anytime soon. In fact, it looks like the digital currency is only gaining popularity over time, and companies would do well to get aboard the Bitcoin train before it is too late.
At the same time, community members are still waiting for more real life Bitcoin use cases. Up until this point, there are very few situations where paying in Bitcoin is possible for regular purchases, unless people use a debit card. However, there is no denying Bitcoin is a valuable addition to the financial sector, and mainstream adoption seems to be just a matter of time.
Images courtesy of PayPal, Wences Casares, Shutterstock
Also published on Medium.