🚨 Get Your Free NFT Certificate Mint by Completing the Web3 Exam! START NOW
My Learnlist: Coming Soon!
My Learnlist: Coming Soon!

Learn by real-life examples: Select, Track & Understand any cryptos with the unique Learnlist feature!

Notify Me!
Portfolio: Coming Soon!
Portfolio: Coming Soon!

Set your wallet & get powerful insights backed by data. Easily learn how to use it for your highest rewards!

Notify Me!

Ex-PayPal Executive Foresees Bitcoin Modernizing Outdated Global Payment Systems

Ex-PayPal Executive Foresees Bitcoin Modernizing Outdated Global Payment Systems

Former PayPal executive believed that in the future, Bitcoin will function as a fiat conversion layer.

David Marcus, the former president of PayPal and current CEO of Bitcoin Lightning payments firm Lightspark, recently spoke about the role of Bitcoin's Lightning Network in revolutionizing global payments.

According to Marcus, current international money transfer systems are as outdated as fax machines.

What is DeFi in Crypto? (Explained with Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is DeFi in Crypto? (Explained with Animations)

What is DeFi in Crypto? (Explained with Animations) What is DeFi in Crypto? (Explained with Animations)

In a recent interview with CNBC on September 11th, Marcus highlighted the ease with which people can share information today through email or texting. However, he lamented that no such comfort exists for global financial transactions. Marcus stated:

If you were to stop <someone> and wanting to communicate with them you could ask them for an email address and you can email them easily the next minute <and> you could text them.

However, when it comes to sending money internationally, especially to someone not using the same fintech app or who resides outside the US, the situation is far less straightforward.

According to Marcus, transferring money to a non-US resident would entail walking to a bank and paying a hefty fee for an international wire transfer.

If it's after Friday at 5 PM, tough luck.

Marcus' company, established in May 2022, aims to resolve this issue by leveraging the capabilities of Bitcoin's Lightning Network. A former PayPal executive believes that Bitcoin won't be the currency for purchasing goods and services but will be a conversion layer for transferring US dollars into other currencies like the Japanese yen or euro.

Marcus further explained that the synergy between Bitcoin’s settlement layer and Lightning’s instant payment capacity enables transactions to be completed at a low cost.

As the former president of PayPal and now CEO of Lightspark, David Marcus brings a unique perspective on the financial hurdles of global money transfers. By championing Bitcoin's Lightning Network, Marcus posits a future where international payments are as easy, quick, and affordable as sending an email.

It is worth noting that PayPal has recently rolled out its native stablecoin, PayPal USD (PYUSD).

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



Earn Huge Exclusive Binance Learners Rewards