The world is going to see more change in the financial system in the next 10 years than it has over the past two decades, PayPal CEO, Dan Schulman, told TIME. In an interview, the PayPal CEO said the existing financial system needs modernization as it is inefficient today.
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"If you do an international remittance, it can take seven days to get your money. And it is too expensive," he said.
Schulman also added the company has been looking at digital forms of currency and distributed ledger technology for six years. The company decided to join the cryptocurrency market last year as initially they were "too volatile," Schulman added. He also emphasized that demand on the cryptocurrency side has been "multiple-fold" to what PayPal initially expected.
Schulman's statements on the cryptocurrency market come amid news that banking giant JPMorgan Chase plans to launch an actively managed bitcoin (EXANTE: Bitcoin) fund for a limited group of clients. NYDIG will reportedly be responsible for the custody of the assets of the fund, which could be launched already this summer.
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