The large US payment processor PayPal has put together a team of industry experts to act as crypto, blockchain and cryptocurrency advisors.
PayPal said Tuesday that adding six members to the Blockchain, Crypto and Digital Currency Advisory Board will help support their current and future products, as well as the goal of building a more inclusive digital financial ecosystem. Fortress Investment Group Co-CEO Peter Prager Georgetown University Law Center Professor Chris Brummer Weizmann Institute of Science Professor Chafee Goldwasser Former CFTC Chairman Timothy Massad and MIT Sloan School of Management Professor of Antoinette Scheuer and MIT Digital Currency Initiative Director Neha Narula will be with the PayPal initiative.
“We believe it is crucial to engage with world leaders to better understand the complex opportunities and challenges in the industry,” said José Fernandez da Ponte, PayPal Senior Vice President and General Manager of Blockchain, Digital Currency and Digital Currency.
All six consultants have many years of experience in crypto and blockchain from a business or regulatory perspective. Briger was reportedly responsible for advising Softbank Group founder Masayoshi Son to invest millions in bitcoin (BTC) ahead of the beef market in 2017. Goldwasser was part of a group of MIT researchers who proposed zero-knowledge evidence as a crypto scheme long before the advent of encrypted coins.
While at the MIT Digital Currency Initiative, Narula was responsible for an initiative to help the Federal Reserve Bank of Boston create a digital currency aimed at increasing consumer use. Brammer was reportedly a CFTC presidential candidate before President Joe Biden formally nominated Rustin Behnam. Massad, who served as chairman of the Commodity Futures Trading Commission from 2014 to 2017, argued after leaving his position that regulators should approve an exchange-traded fund that offers access to BTC.
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It is unclear whether the advisory group wants to extend PayPal’s attacks to cryptocurrencies and the blockchain. In October 2020, the payment app announced that it would allow US customers to purchase crypto through the platform, and later expanded its offering to include crypto payments from millions of merchants worldwide. It is said that the company plans to launch its own stablecoin called PayPal Coin.