PayPal’s Plan Was to Develop a Decentralized Payment System Just Like Cryptocurrency

Based on a video uploaded on Bloxlive.Tv, a streaming service on January 31, Luke Nosek, Paypal’s co-founder has revealed the American company’s initial plan. According to him, PayPal wanted to develop a payment system that is free from the control of banks and the government as is the case of cryptocurrency.

PayPal and WeChat pay Solving the People’s Problems or Crypto

Reportedly, Luke Nosek while at World Economic Forum in Davos, Switzerland was posed with certain questions. One of such is whether Paypal and WeChat Pay have solved the problems of people when it comes to online transactions or if cryptocurrencies have helped to resolve these problems.

Nosek responded by stating that Paypal’s initial plan was to develop a decentralized system for processing payments. It was supposed to be one that is free from the control of central authority as is the case of cryptocurrencies. Here, there was not going to be any interference by banks or the government. In his own words:

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.

Pressure Mounted on Paypal by Investors

However, PayPal’s co-founder noted that their goal was not achieved because its investors at that time, had been hastening them to launch the product. Nosek also pointed out that the company became centralized and had dealings with financial institutions such as SWIFT, Mastercard, and Visa. He further stated that PayPal has learned to keep these institutions happy.

On the other hand, he applauded the efforts of Bitcoin and Ethereum developers. According to him, they have created their own ecosystem and have not launched their products prematurely. He also hopes that the same level of pressure that was mounted on Paypal by investors isn’t the case with these developers.

Paypal Launches Blockchain-based Platform to Reward Employees

PayPal Holdings, Inc., the payments service was founded in 1998 and over 10 years from when Bitcoin’s Whitepaper was released in 2008. Based on reports, the company recorded over 254 million active users in the third quarter of 2018.

BTCNN on December 7 revealed that Paypal has adopted Blockchain technology in order to reward its workers. In this case, employees can engage in programs and get tokens that can only be used within the Blockchain-based platform. 100 experiences have also been provided where a worker can even choose to learn martial arts with CEO Dan Schulman.

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