During the presentation of its PayPal 1Q 2021 Investor Report, President and CEO Dan Schulman said that digital assets had performed very well for the company. The CEO of PayPal expressed that his focus on cryptocurrencies is producing really excellent results.
He also believes that digital currencies issued by central banks and cryptocurrencies will be a driving force in forging a more equitable financial system.
Following the success of PayPal’s move to embrace crypto assets, much of the presentation focused on the company’s recent plans and futures for digital assets.
«We believe that the current technological bases of our financial system will be substantially updated in the coming years.Schulman said, adding that this would aid efforts to recover from the pandemic.
«Both cryptocurrencies and central bank-issued digital currencies can play a critical role in shaping a more inclusive recovery and a more equitable financial system.». The PayPal CEO argued after he expressed that his focus on cryptocurrencies has paid off well.
PayPal plans a great roadmap with cryptocurrencies
Schulman also stated that the payment provider has an extensive cryptocurrency roadmap planned. And it noted that its digital asset innovations will be carried out in partnership with governments and in accordance with local, national and global regulatory frameworks.
As the CEO of PayPal expressed that his focus on cryptocurrencies are paying off well, he also announced that the company’s shares rose more than 5% on Wednesday, May 5 in response to the earnings update. After PayPal revealed that its earnings per share had exceeded expectations by more than 20%. Reaching USD 1.22 each. PayPal’s $ 6.03 billion revenue also beat predictions by 2%.
Indian startup association proposes regulatory framework for cryptocurrencies
IndiaTech.org, an industry association representing Indian consumer internet investors and startups, wants to provide clear definitions for the cryptocurrency industry.
On Wednesday, the association published a whitepaper that includes a policy proposal. With recommendations for a regulatory framework for crypto assets and cryptocurrency exchanges in India.
«Define cryptocurrencies as digital assets and not as currencies and award them as digital assets such as gold, stocks or marketable securities»Says the proposal.
The framework further recommends the introduction of a registration system for cryptocurrency exchanges based in India. As well as the establishment of the necessary controls related to compliance with anti-money laundering regulations, verification and Know Your Customer (KYC) reports.
A Las Vegas resort partnered with crypto exchange Gemini
A Las Vegas casino-resort planning to open its doors next month has just partnered with major crypto exchange Gemini.
In an announcement today, Resorts World Las Vegas said it would allow customers to use their Gemini wallets to enhance the integrated resort experience. President Scott Sibella said the move was part of an effort to integrate innovative technology amenities throughout the complex.
Gemini co-founder and CEO Tyler Winklevoss hinted that customers could convert fiat to crypto at the resort. Which means that some may have the ability to win at a casino game and then invest those funds in digital currency.
Major International slot machine maker Game Technology received a patent earlier this year. For a system that would allow players to transfer cryptocurrencies from their accounts to a gaming establishment account.
Coinbase to close its San Francisco headquarters in 2022
Coinbase announced Wednesday that it will close its former headquarters in Golden Gate City in 2022 as part of its commitment to go remote first.
«We are committed to not having a central headquarters. And it’s important to show our decentralized workforce that no location is more important than another.Coinbase noted.
According to the company, the upcoming closure will be an important step in ensuring that no office becomes an unofficial headquarters. «Instead, we will offer a network of smaller offices for our employees to work for if they wish.“Said the company.
Separately, Coinbase CEO and co-founder Brian Armstrong officially announced the company’s intention to first go remote and decentralized in February 2021.
At the time, 52% of Coinbase employees were those who joined the company in a world of post offices, the company said. Likewise, Coinbase emphasized that around 95% of its employees will still have the option to work at home.