Thread by @davidzmorris

Coming in a sec at #consensus2023 - Some news from Paypal? #paypal #crypto

The announcement - Paypal, starting next month, will enable on-chain transfers from Venmo accounts, including to on-chain wallets.

Kind of crazy! #Consensus2023

This has been active on Paypal itself for a bit under a year

Paypal is interested in being involved in payments for web3, including gaming - "micropayments, streaming payments."

"Rumors of the death of NFTs have been greatly exaggerated." - Paypal's crypto lead Jose Fernandez da Ponte

On NFTs - "The Starbucks of the world ... are still there."

Have to highlight Ian Allison is wearing a Celsius shirt.

Ian asks whether Robinhood and Paypal/Venmo's crypto offerings are competitors. "More choice and more uses for consumers are fantastic, and we're happy to compete in the market to serve customers better." - da Ponte

Paypal will pass through network fees (no details) but won't charge it's on tx fees to transfer crypto. #Consensus2023

Paypal saw inflow of assets after FTX collapse last year, per da Silva

Few details of what assets Paypal will be able to handle beyond ETH.

Paypal has a Bitlicense and is regulated by NYDFS.

"And that has actually been a fantastic framework for us." - da Silva says, citing the benefits of clear rules of the road.

Similarly, he says Europe may have an advantage with its new framework. #Consensus2023

Ian: "What's your five year plan for crypto at paypal?"

da Silva: "I don't dare make a five year prediction ..." but then predicts $1 trillion in stablecoin volume globally, the existence of digital pounds and digital dollars. #Consensus2023