The CEO of Paxos shares his views on crypto and PayPal’s next-gen wallet

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys playing cricket,… read more.
on May 8, 2021
  • The CEO of Paxos, Charles Cascarilla, recently shared his views of the crypto market.
  • He believes that crypto is becoming more adopted.
  • Process has a long way to go yet before crypto becomes reliable but the industry is heading in that direction.

Back in late 2020, when it announced that it will add crypto to its platform, PayPal made massive waves in the entire crypto industry. In fact, this might be one of the reasons why the crypto prices received such a strong head start at the beginning of the bull run that took them to where they are now.

Of course, PayPal could not have done it alone, and instead, it teamed up with Paxos to try and handle crypto payments. So far, the partnership seems to have worked out quite well, and in everyone’s favor. In fact, Paxos’ CEO and co-founder, Charles Cascarilla, recently commented on the state of the crypto sector and PayPal’s next-gen digital wallet for crypto.

The interview with Charles Cascarilla

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Cascarilla spoke his mind about crypto and PayPal during an interview with CNBC. During the interview, he confirmed one of his earlier statements, which is that the demand for crypto services far exceeds expectations. He elaborated by saying that PayPal itself was likely a huge reason for this.

He believes that crypto is going mainstream based on everything seen so far, and Paxos’ main goal now is to create the infrastructure and power PayPal. However, he also said that there were numerous other firms interested in approaching crypto, which helps the adoption and growth of the industry.

The interview also touched upon price volatility and its impact as a risk factor. Cascarilla said that crypto can still not be considered as a payment mechanism. It might never become a payment mechanism, in fact. However, he also said that crypto could become gold someday, and by that time, its price discovery phase may end. If it happens, crypto might become less volatile and more reliable.

However, he insists that Paxos is focused on creating the infrastructure for crypto, and not trying to pick the winning coin. He believes that the market will weed out bad projects on its own, and allow good ones to develop and evolve.

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