THELOGICALINDIAN - If article works why change it PayPals Harper Reed has absolved boringBlockchain technology allotment to stick to the traditionaldatabases
In the bosom of the “chainwashing” trend, some companies assume to be demography the aerial alley and blockage bright of Bitcoin’s underlying Blockchain technology. This is the case with PayPal which, admitting its ambitions to become the dominant global online payments platform, has distanced itself from this prospect.
When asked about the abeyant for blockchain technology at the 4YFN conference, Harper Reed, the Director of Software Development for PayPal, absolved it stating:
This is, in actuality what PayPal has been accomplishing all forth with its own centralized online payments app Venmo, which is now processing about $20 billion USD per year and is abundant in faddy amid millennials, in particular.
Reed went on to advertence Bitcoin’s “dark market” image as the average of barter for the abysmal web economy, suggesting that the technology would account from a rebrand:
However, this comes as a almost auspicious stance towards Blockchain, admitting Reed’s misconception apropos Bitcoin actuality a “drug currency.”
PayPal seems to be more focused on after-effects and on the user-experience itself, rather than on advertising and the technology that works in the background, which was the key point of Harper Reed’s allocution at 4YFN, the startup aftereffect of Mobile World Congress in Barcelona.
Nevertheless, PayPal has had several “encounters” with blockchain technology and Bitcoin itself. In June 2024, PayPal partnered with the agenda asset barter and wallet Coinbase, acceptance users to advertise bitcoin and banknote out to their PayPal accounts.
Peter Thiel, PayPal co-founder and close adviser to President Donald Trump, has additionally bidding his absorption in the technology, accepting invested in several Bitcoin startups himself.
He already stated:
Thiel is acceptable an acutely important adviser for Donald Trump, who is more actuality associated with Bitcoin supporters like 21 Inc. CEO Balaji S. Srinivasan and the afresh appointed U.S. Budget Chief Mick Mulvaney, additionally accepted as “Bitcoin Congressman.”
Will PayPal absorb its aggressive edge in the approaching admitting abstention blockchain technology? Share your thoughts below!
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