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- 1 Dan Schulman, CEO and President of PayPal has shown his interest in crypto and digital ledger.
- 2 Under his leadership, PayPal has started supporting the transfer of cryptocurrencies.
Dan Schulman was born on 19th January 1958, in Newark, New Jersey to Jewish parents and grew up in Princeton where he studied in Princeton High School. He graduated in economics from Middlebury College and completed his MBA degree from NewYork University Stern School of Business.
Early Work Experience and Investments
Schulman started his career at AT&T, working more than 18 years, from 1981 to 1999. After this, he became the President and COO, then the CEO of Priceline.com from July 1999 to May 2001. He joined Virgin Mobile USA, Inc and served there till 2009. He became the President of Prepaid group Sprint in 2009 and worked there for one year.
He then became the President of the Enterprise growth in American Express in 2010 and served till September 2014. On 30 September 2014, he became the CEO of PayPal. The American business entrepreneur was responsible for American Express global strategy to expand alternative mobile and online payments.
He only has one personal investment in an organization named IFundWomen which he made on 31st March 2019.
Dan Schulman’s Interest in Crypto Industry
Schulman is very much interested in crypto and digital ledger technology, and what these technologies can do to the financial system. He has expressed his views many times regarding cryptocurrency.
Once, ahead of the keynote speech in 2022, he said that everyone thinks of crypto as buying and selling and prices but this is the least important thing he thinks of. Instead, he thinks about how this digital currency provides utility in payments.
In PayPal, the transfer of cryptocurrencies are supported in personal PayPal accounts, both in and out of PayPal. The CEO of the company informed that this is the most requested enhancement since the company started offering the purchase of crypto on the platform. The PayPal CEO said the company needs to embrace cryptocurrencies. He also stated that to avoid the volatile risk, PayPal will inform the exchange rate of crypto at the time of purchase.
The services provided by PayPal includes the transfer of crypto from PayPal to external crypto addresses. This includes exchanges and hardware wallets. Now, one can send crypto to family and friends on PayPal in seconds. One more benefit is that no fees or network charges are taken to send or receive Bitcoin, Litecoin, Ethereum etc.
Dan Schulman’s Involvement with Philanthropy and Politics
Besides crypto, Dan Schulman is also interested in philanthropy and politics. As the CEO of Virgin Mobile, he led a partnership with StandUp for kids, a non-profit organization that distributes survival kits and a hotline number to homeless youth.
To understand the emotions of homeless kids, he even spent 24 hours on the streets of New York city. He spent the time there unshaven, wrapped in a blanket, without a phone, wallet and money.
Schulman opposed the North Carolina Public Facility Privacy and Security Act. According to this act, one has to use the public bathrooms as per genders. Showing opposition to this act, he declared the cancellation of hiring 400 people and searching for a new place for the operation.
In this way, he shows support for the LGBTQ+ community in North Carolina. He also shows his support for Dreamers in 2018, the people who entered the U.S as children and work and live there. He also opposed the visa ban on foreigners implicated by Donald Trump.
Summary
Dan Schulman gives a clear outlook on crypto that he wants the company to go beyond the buying, selling and holding of cryptocurrencies. This acceptance of digital currency in PayPal is the new era of financial technology. The company is using the cryptocurrency to improve payments and other transactions.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
