PayPal has formed an advisory council to support crypto-related products and help guide the company on creating a digital financial system, Jose Fernandez da Ponte, a senior vice president for blockchain, crypto and digital currencies at PayPal, said.

The six members include the following: Peter Briger Jr., co-CEO of Fortress Investment Group; Chris Brummer, a professor at Georgetown Law; Shafi Goldwasser, director of the Simons Institute for the Theory of Computing at the University of California, Berkeley; Timothy Massad, a former Assistant Secretary of the Treasury for Financial Stability; Neha Narula, director of the Digital Currency Initiative, which is part of MIT Media Lab; and Antoinette Schoar, a finance professor at the Massachusetts Institute of Technology's Sloan School of Management.

Read more: PayPal Is Exploring Creating Its Own Stablecoin as Crypto Business Grows