PayPal teams “working on blockchain and cryptocurrency,” says CFO John Rainey
|- PayPal is wary of the status of the cryptocurrency market at the momentum.
- volatility and instability of the cryptocurrencies is still a hindrance to mainstream adoption.
According to the chief financial officer of PayPal John Rainey, the payments giant is currently working on both blockchain and cryptocurrency. However, the company is wary of the status of the cryptocurrency market at the momentum. The CFO was speaking during an interview with Yahoo Finance on May 7 where he shared his opinions on PayPal’s future plans for the cryptocurrency sector.
Rainey said that while the firm had initially allowed merchants to accept payments in Bitcoin, the viability of the project failed to make sense as the merchants immediately converted the BTC to more stable currencies like the USD and EUR. The volatility and instability of the cryptocurrencies is still a hindrance to mainstream adoption. However, Rainey said:
“We have teams clearly working on blockchain and cryptocurrency as well, and we want to participate in that in whatever form it takes in the future. I just think it’s a little early on right now.”
PayPal has for some time been studying the blockchain technology and cryptocurrencies in general. In fact, in April, the company was awarded a cybersecurity patent for system security titled “Techniques for cryptocurrency ransomware detection and mitigation.”
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