Paypal CEO Dan Schulman sees the ‘intersection’ between digital assets, CBDCs, stablecoins, and digital wallets as a revolutionary step that will “redefine a lot of the financial world going forward.”

“I'm very excited about what crypto and digital ledger technology can do to the financial system going forward,” Schulman said.

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Schulman spoke via video link ahead of Axis Tel Aviv, an international investment and innovation conference, to be held on March 29. Over 50 investors running venture capital funds and representatives from companies based around the world will discuss financial innovations during the conference.

According to Schulman, the central bank digital currencies (CBDCs) are a current financial world trend. These are under development or close to completion in the economic giants such as China and the European Union. Therefore, Schulman believes a merger between traditional and crypto assets is the way going forward.

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“The intersection between CBDC, stable coins, digital wallets, and enhanced utility of payments through cryptocurrencies is not just fascinating but I think it will redefine a lot of the financial world going forward," Schulman said as reported by CTech.

Schulman believes the price action and the short-term speculation regarding the price of Bitcoin or any other cryptocurrencies should be dismissed.

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"I think the initial things that everyone thinks about crypto, buying and selling it, and what the price of bitcoin is going to be tomorrow, that’s the least interesting part about digital currencies to me,” Schulman said on the matter.

The crypto industry reached the $2-trillion market cap in less than a decade and the demand from retail and institutional investors has exploded. As per an earlier Bloomberg report, Paypal is exploring the launch of its own stablecoin.

Also read: Explained: What are gold-based stablecoins; why are they outdoing other cryptos

(Edited by : Shoma Bhattacharjee)