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PayPal Supports Crypto Switch Despite Cybersecurity Concerns

PayPal Supports Crypto Switch Despite Cybersecurity Concerns

(6 September 2022 – Global) PayPal Chief Technology Officer (CTO) of Blockchain, Cryptocurrency and Digital Currencies, Edwin Aoki, is enthusiastic about the future of payments transitioning to Web3 notwithstanding the rising frequency of high profile frauds, scams, hacks and collapses.

Dominic Powell reporting for SMH and the Age interviewed Aoki for the weekly series You, Me and Web3 where Aoki expressed his excitement for the future of Web3 as the next iteration of payments.

While the market in general may view it as strange at the moment, he believes paying through Web3 will become as commonplace as online payments or tap-and-go. A key concern is the notoriously volatile and ‘Wild West’-like Web3 space however, worrying a heavily regulated business like PayPal which Aoki describes as “distressing”.

“We recognised that the technology, the consumer interest, and the regulatory focus were starting to come together in a way that made sense for us to consolidate these efforts and really start looking at the broader product and technology implications. And that led us to create our blockchain, crypto and digital currencies unit, which I was asked to lead” PayPal CTO Edwin Aoki commented.

“We want to make sure that we are operating in a compliant environment, so when I see these things that are happening that harm consumers and give the industry a bad name, certainly that is distressing. For PayPal, what we can control in the space is how we create and position our offerings ourselves. Our view has been that we’re going to take all the parts that people trust about PayPal and the experience that we have in this space as a regulated company, to try to bring that sensibility into Web3”

East & Partners and PCM have partnered to create the world’s first guide to developing future strategies for corporate, B2B and consumer payments. The “Opportunities and Upsides in the Digital Payments Revolution” report is available now.

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