PayPal’s co-founder Luke Nosek has said that his firm at first needed to make a digital currency that may be independent from banks and governments, like crypto. The video of his comments was uploaded to crypto streaming service Bloxlive.Tv on Thursday, Jan. 31.

At a panel at the world Economic Forum in Davos, Switzerland last week, Nosek was asked whether PayPal or WeChat Pay, an in-app payment system utilized by the major Chinese messenger, have already resolved various issues associated with online transactions, or whether cryptocurrencies can also solve those issues.

Responding to that question, PayPal’s co-founder said:

“Many folks don’t understand this, however the initial mission of PayPal was to make a worldwide currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”

The company succeeded building something economically terribly powerful, he continued . However, PayPal never achieved its initial goal and have become too centralized, too connected to the largest money establishments, like Visa, Mastercard and SWIFT, Nosek underlined.

PayPal is obligated to do whatever it needs to do to keep those establishments happy, Nosek said. “We’ve learnt to play,” he added.

Nosek, who is additionally a member at SpaceX and a friend of another PayPal co-founder, Elon Musk, regrets that he and Musk didn't have enough time to develop something that may be nearer to the conception of a decentralized cryptocurrency. Their failure to do thus was as a result of they were pressured by investors to roll out the product as soon as possible, Nosek said.

Finally, Nosek noted that he's grateful to Bitcoin and Ethereum developers for making their own ecosystems and not pushing their adoption prematurely, adding that he hopes they'll never have the identical pressure from investors as PayPal did.

PayPal, a payment system whose active number of users has surpassed 254 million in Q3 2018, has recently launched a blockchain-based reward system for its staff. PayPal staff are granted tokens for taking part in innovation-related programs and contributing concepts, and can exchange them for over 100 “experiences” within the corporate.

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