PayPal is in no hurry to dive into blockchain and cryptocurrency

  • The company believes that it is the future, only the distant one. 
  • The comments come amid strong cryptocurrency market recovery.

PayPal is not obsessed by bitcoin as yet, according to John Rainey, PayPal Chief Financial Officer. Speaking at Yahoo Finance’s The First Trade, he explained that the company wants to be part of the transformative process brought by blockchain and cryptocurrency, but the digitalization is still a distant future.

 “We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [on bitcoin],” he said.

For the time being, PayPal prefers to focus on other growth and profit opportunities leaving nascent payment system for better times.  

Namely, the company invested $500 million in Uber ahead the long-awaited IPO scheduled this week. According to Rainey, the two companies want to work together on creating a payment platform. Also, PayPal became Facebook’s Instagram payments provider.

Meanwhile, Rainey’s comments come amid a strong rally across the cryptocurrency market. Bitcoin and all major altcoins demonstrated strong gains since the beginning of the week as the crypto bulls seem to have awakened from a long sleep. A flow of positive fundamental news triggered the recovery and pushed the prices above key technical levels. 

Bitcoin (BTC) is changing hands at $5,890 at the time of writing. 



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.