• 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

BTC/USD technical analysis: Firm above 100-day EMA, 50-day EMA/38.2% Fibo. question buyers

Having bounced off 100-day exponential moving average (EMA), the BTC/USD pair struggles to cross near-term important resistance-confluence while taking rounds to 10,385 on early Monday.

More Bitcoin News

NEO is in talks to integrate Celer Network to improve scalability

As industry-focused news outlet Crypto Briefing reported on Aug. 17, John Wang, NEO’s director of Eco Growth, said that integration with Celer is under discussion. Celer’s platform is a solution that enables faster off-chain transactions both for payments ...

More NEO News

US lawmakers to visit Switzerland to discuss crypto, Facebook’s Libra

A delegation of the United States House of Representatives will visit Switzerland on cryptocurrency concerns, with Facebook’s not-yet-released stablecoin Libra being in the focus. Six-member delegation from the House Financial ...

More Cryptocurrencies News

Ethereum: ETH/USD bear trapped below broken support range

Ethereum defended the support at $170 before a shallow recovery pulled the price above $180. ETH/USD must reclaim position in the broken support range between $190 - $200.

More Ethereum News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP