PayPal First Aimed to Create Global Currency Similar to Cryptocurrency, Co-Founder Admits

PayPal co-founder, Luke Nosek, said his company was originally planning to create a currency-independent bank and government, similar to cryptography. The video of his comments was uploaded to Bloxlive.Tv Crypto Streaming on Thursday, January 31st.


On the round table at the World Economic Forum in Davos, Switzerland last week, PayPal or WeChat Pay, an integrated payment system used by the Chinese messenger, was asked to resolve various network transactions or cryptocurrency. Can also solve these problems.

In response to this question, PayPal co-founder said:

"Many people do not know that, but the initial mission of PayPal was to create a world currency irrespective of their interference with corrupt bank cards and governments that have depreciated their currencies."

The company managed to build something economically very powerful, he continued. However, PayPal has never achieved its original goal and has become too centralized, too much associated with the largest financial institutions, such as Visa, Mastercard, and SWIFT, Nosek said.

PayPal is obliged to ensure that these institutions remain happy, Nosek said. "We learned to play," he added.

Nosek, who is also a member of SpaceX's management and friend of the other co-founder of PayPal, Elona Muska, regrets that he and Musk did not have time to develop something closer to the crypto concept. - Decentralized money. Their failure is due to investor pressure to launch the product as soon as possible, Nosek said.

Finally, Nosek expressed gratitude to developers Bitcoin and Ethereum for creating their ecosystems rather than early adoption, adding that he hopes investors will never be under the same pressure as PayPal.

PayPal, a payment system with more than 254 million active users in the third quarter of 2018, has recently launched a blockchain based remuneration system for its employees. PayPal employees receive chips for participating in innovation-related and contributing ideas and can exchange them for more than 100 "experiences" within the company.

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