PayPal and Amex make big announcements at Consensus 2022

Photo credits: Coindesk Twitter

The Consensus Festival is an event that covers everything the crypto space has to offer. That is, from 9.-12. Lecture on Blockchain, Crypto, Web 3 and Metaverse in June in Texas. With nearly 17,500 attendees, the Consensus Festival is one of the biggest events taking place in the crypto sector this year.

“When Payments go programmable” – PayPal’s panel debate on Consensus

In an exciting discussion between PayPal CEO Dan Schulman, Aaron Gould, Communications Manager at PayPal, and Alan Murray, CEO of Fortune Media, PayPal’s future plans for crypto were discussed.

Dan Schulman first clearly describes that crypto redesigns the entire financial system before our eyes. But with the question, “Do you want to be a pirate or the Navy?”, He becomes even more aware of PayPal’s plans. The pirate is a metaphor for a company that covers only a small part of the market. The “fleet”, on the other hand, is a major player and belongs to a global player.

PayPal’s goal is not to be counted among the pirates. Instead, PayPal must develop into a leading service provider of cryptocurrencies. In this regard, a bridge has already been built between the fiat universe and the crypto universe, but that is not the end of it.

Because the vision is to reach many people who are outside the existing financial system or who are underserved by the financial system. In addition, users participate in the profits of blockchain. That is not the case yet, Schulman said clearly on Consensus. However, he sees no problem in this scenario occurring soon.

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“When Credit Cards Meet Crypto” – American Express enters the crypto market

Two key announcements were made in the panel between Mohammed Badi, President and Global Network Services for American Express, and Bill Barhydt, CEO of Abra.

First, Abra will partner with American Express to launch a cryptocurrency later this year. A few details from the map have also been revealed. For example, the card must offer unlimited cashback in the cryptocurrencies BTC, ETH or CPRX. It also includes all the benefits of the American Express network. These are, for example, buyer protection, special Amex offers or restaurant coupons.

On the other hand, Abra announces that they will introduce a new NFT service that will be integrated into the Abra app. The goal is to confront the complex key management of Metamask and simplify the NFT purchase. You will be able to access all major NFT marketplaces such as Opensea directly via the Abra app and log in to them directly with the Abra access. This should simplify the effort and process of purchasing an NFT and making it available to the public. Because the priority is to minimize the solution associated with purchasing an NFT.

Conclusion – Bullish News for Crypto?

With the announcement that one of the largest providers of financial services is entering the crypto market, we feel confident about the future. In addition, PayPal confirms its course in terms of crypto and also expands its range. You can already use cryptocurrencies to pay with your own PayPal wallet. But more features will follow. CEO Dan Schulman also said the company has a long-term view of development and the goal is to become a global player in crypto services. So we can only wait and see what the future brings, and we may be curious to see what announcements the remaining two days of the Consensus Festival have in store.


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