According to Fortune, the PayPal CEO Dan Schulman stopped by its offices where he discussed many topics including the reason for PayPal’s withdrawal from the Libra Association.
Schulman explained that PayPal withdrew from Libra because the company decided to put its attention elsewhere. According to the CEO it was a question of “where do we want to put our attention, and what do we want to do today to advance our mission?” He 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.”
In May, PayPal’s CFO John Rainey said the firm has teams that are working on blockchain and cryptocurrency, and that they wish to participate in that technology in whatever form it takes in the future.
In the Fortune interview, Schulman never said anything in details as to what exactly PayPal is working on in the sphere. He said Paypal is not in any competition with Libra. The CEO said;
“We think there’s a lot of promise to blockchain technology. It’s intriguing to us, but it really needs to do something that the traditional rails can’t do. Most people think that blockchain is about efficiency, but the system today is pretty efficient.”