Final answer:
The Schwann cell is responsible for the formation of the myelin sheath in the peripheral nervous system, providing insulation for axons to facilitate faster transmission of nerve impulses.
Step-by-step explanation:
A Schwann cell is the name of the cell that forms the myelin sheath in the peripheral nervous system. The cell that forms the myelin sheath in the peripheral nervous system is the Schwann cell. Schwann cells differ from oligodendrocytes as they wrap around a portion of only one axon segment, while oligodendrocytes in the central nervous system can insulate multiple axon segments. In the process of myelination, Schwann cells wrap several layers of their cell membrane around the axon segment, which enhances the speed of nerve impulse conduction.