CEO PayPal named the reason for the company to exit the Libra project

PayPal withdrew from the Libra project to focus on its own business, and not because of regulatory concerns. This was announced by company CEO Dan Shulman in an interview with Fortune.

According to him, Libra aims to expand the availability of financial services. This project was also interesting for PayPal. But, having estimated the scope of work on it, the company decided to devote resources to its own development in this direction.

The CEO called PayPal’s relationship with regulators “strong.”

Schulman also confirmed that PayPal has teams that work on blockchain and cryptocurrency solutions. He refused to disclose details.

Currently, cryptocurrencies are more like goods than money, CEO PayPal said. Of all the digital assets, he himself invested only in bitcoin.

Recall that PayPal was the first payment company to leave the Libra project. It was followed by Mercado Pago, Visa, Stripe and Mastercard.

U.S. Treasury Secretary Steven Mnuchin suggested that Libra’s fear of non-regulatory compliance was the reason. In Mastercard, his opinion was confirmed.

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