Episode Details
Title | How Crypto Solves the Global Money Problem | Paul Bances, PayPal |
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Date | 7/16/2024 |
Podcast | Empire β |
Key Insights
Bullish:
- π’ $PYUSD - Paul discusses the strategic advantages and potential of PYUSD in the stablecoin market, emphasizing its regulatory compliance, strong market position, and focus on payments.
- βWe think that there's going to be always a portion of the population that's going to wanna use Tether... And USDC, you know, big fans of those guys... No one is situated like we are in what we're trying to do here, which is really laser focused on on the payment side.β - Paul (0:00)
- βWhen you start off from the base of 400,000,000 users around the world and tens of millions of merchants and two and a half decades of knowledge and, you know, and sort of a regulatory structure in place, I think that's just gonna lift, sort of the stable point marketing.β - Paul (0:00)
- βThe beauty of what stablecoins bring and and sort of what we were thinking about doing here and and why we built this out is that as you reduce some of those intermediaries... that reduces this down from days to a matter of of of minutes.β - Paul (0:00)
- βWe feel that this is a way for their interconnection and interoperability of wallets, which leads to, again, the main thing that we're concerned with is optionality and choice.β - Paul (0:00)
- βWe really wanna support developers and building on this is fantastic. But as I said, our focus is how do we unleash the power of this for payments, make it more efficient, less costly for merchants, for consumers, for emitters.β - Paul (0:00)
- βWe think that, again, we're very well positioned in that.β - Paul (0:00)
- βWe do have a team of folks that we work with and constantly having conversations and see what are the opportunities in there.β - Paul (0:00)π
- βWe really want to participate in that and help that grow. We really wanna be a good player for the entire industry.β - Paul (0:00)π
- βWe want to really solve real world problems and and and sort of fill in those gaps that we think we're uniquely positioned to do.β - Paul (0:00)π
- βWe are the only one that has that regulatory sort of overview of of, you know, limited purpose trust of Paxos, you know, also as a bit less and and the token itself or stablecoin itself. That's going to matter.β - Paul (0:00)π
- βWe have a very good reputation for two and a half decades of of being good, you know, good players in the space, the adults, in terms of, you know, responsible innovation, etcetera.β - Paul (0:00)π
- βWe are sort of when you say it's tied to, you know, the Stablecoin tied to Gemini to well, the stablecoin's tied to PayPal. Right? And we're more than an exchange.β - Paul (0:00)π
- βWe are trying to as much as possible. Obviously, considering local requirements, we're trying to have a universal experience for everybody.β - Paul (0:00)π
- βWe have a very, very dedicated group of folks who, who really believe in the things that we've been building, and it's been, wonderful to see that grow and to be finally out and launched in the things that we're doing.β - Paul (0:00)π
- βWe have a really strong relationship, so that should be sort of the core to market approach there.β - Paul (0:00)π
- βWe wanted it to be part of that PayPal brand, right, and that people trust and have used for decades.β - Paul (0:00)π
- βWe wanted to make sure that we did things, you know, the right way from that perspective and also understanding who our customers were.β - Paul (0:00)π
- βWe were highly encouraged by those results, which indicated not only that we had a right to be in the space, but it seemed that we we were positioned, to be a leader in the space as well.β - Paul (0:00)π
- βWe were able to launch, and it was a fantastic time. The reception was was great from the industry.β - Paul (0:00)π
- βWe were actually the 1st company to ever receive, I don't know if you know this, a conditional bid license from the New York Department of Financial Services.β - Paul (0:00)π
- βWe have a very close relationship, and we can make certain decisions that we think need to be made, for the stable coin from a regulatory side, functionality side, etcetera.β - Paul (0:00)π
- βWe have a very talented government relations team. They monitor what's happening around the world.β - Paul (0:00)π
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