The team at Cowen recently held fireside chats with executives from PayPal and Visa, among others.
- 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.
This article was originally published on Coindesk by Michael Bellusci