PayPal have assembled an advisory council for blockchain, crypto and digital currencies. The council comprises six industry experts, including Co-CEO of Fortress Investment Group, Peter L. Briger, Jr., research professor for Agnes N. Williams, Chris Brummer and Turing Award winner and theory of computing director at Simons Institute Shafi Goldwasser. According to PayPal, the council members are world-leading experts in cryptography, regulation, economics and capital markets.
“As a global leader in commerce and payments with bold ambitions for shaping how blockchain, crypto, digital currencies will provide increased access to financial services in the near term, we believe it is crucial to engage with the world’s best leaders to better understand the industry’s most compelling opportunities and complex challenges” said Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte in a press release.
PayPal Advisory Council To Support Products
Another council member, Timothy Massad, is a research fellow at the Kennedy School of Government at Harvard University and a financial regulatory and fintech issue consultant. Advisory council member Neha Narula is director of the Digital Currency Initiative at MIT Media Lab. Antoinette Schoar, Professor of Finance and Entrepreneurship at the MIT Sloan School of Management, is also on the council.
The company intends for the new council to support current and future products as well as aid in “leading the way towards a more affordable, efficient and inclusive digital financial system.”
Blockchain and cryptocurrencies continue to be lucrative for various industries, with the potential for exponential growth. Game developer EA recently stated that blockchain games will be part of the industry’s future while developers urge Valve to host blockchain games on Steam. Square Enix also intends to explore blockchain gaming. However, crypto and blockchain do come with some risks. Wormhole recently lost over $300 million when a hacker found an exploit in the system.