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PayPal establishes advisory board for crypto and blockchain

 


PayPal has assembled a team of industry experts to act as advisors on crypto, blockchain and digital currencies.


PayPal's shares fell 25% the day after it reported its fourth-quarter and full-year results on Tuesday, February 1. In that report, the company announced worse-than-expected net income and forecast disappointing first-quarter sales.


It's been a rough few months for PayPal. The company cited supply chain issues and inflation as reasons for its slowing growth, and the fact that it's severing ties with eBay doesn't help matters. However, PayPal still has rock-solid foundations, and the move to a new business strategy could pay off in the future.


In an announcement Tuesday, PayPal said the addition of six members to its blockchain, cryptocurrency and digital currency advisory board will help support its current and future products and its goal of creating a more inclusive digital financial ecosystem.


Jose Fernandez da Ponte, senior vice president and general manager of blockchain, cryptocurrencies and digital currencies at PayPal said:


“As a global leader in commerce and payments with bold ambitions to shape the way blockchain, cryptocurrencies and digital currencies will enable enhanced access to financial services in the near future, we believe it is crucial to engage with the best leaders around the world to better understand the industry's most compelling opportunities and complex challenges."


All six advisors have years of experience in the crypto and blockchain space from a business or regulatory perspective. Briger was reportedly responsible for advising Softbank Group founder Masayoshi Son on investing millions in Bitcoin ahead of the 2017 bull run.

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