- PayPal’s (PYPL) Edwin Aoki and Jose Fernandez da Ponte – the chief technology officer of blockchain, crypto and digital currencies, and the unit’s senior vice president, respectively – told Cowen their company for the moment intends to work within the crypto ecosystem, rather than launching a proprietary product.
- The report noted that they see room for the use of a number of types of digital assets and tokens – stablecoins and CBDCs among them – but believe decentralized cryptos (i.e., bitcoin) may not work as well due in part to scalability issues.
- Visa (V) Chief Financial Officer Vasant Prabhu reiterated his company’s enthusiasm for digital currencies and its goal of being a bridge between the crypto and fiat worlds. In similar fashion to the PayPal executives, Prabhu told Cowen that Bitcoin has “limitations” in payments due to volatility and speed.
- Summing it up, the Cowen team, led by Managing Director George Mihalos, called bitcoin as a payments medium “a far less elegant approach with stablecoins and potentially CBDCs offering a superior solution.”
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.