In early 2016, PayPal’s chief executive Dan Schulman decided he really needed to wrap his head around cryptocurrency.
Back then, a single bitcoin could be purchased for about $400, while PayPal was worth about $50bn, after splitting from its former parent eBay a few months earlier.
“When I came in [as CEO in 2014], I think a lot of people thought that PayPal had seen its best days,” says Schulman, who had previously held senior positions at AT&T, Priceline.com, Virgin Mobile and American Express. “The day I arrived was the day Apple Pay was announced — that was my ‘welcome to Silicon Valley’ gift. We had to redefine ourselves.”
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