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.”

You may also like:

Cryptocurrency market update: Bullish pilgrimage begins as market adds $7 billion



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

Bitcoin attempts a dead cat bounce amid a descending channel

Bitcoin (BTC/USD), the most dominantly traded cryptocurrency, is seen attempting minor recoveries on the 9900 handle, having extended the recent declines to 9,850.65, in the wake of a symmetrical triangle breakdown on the hourly sticks seen on Saturday.

More Bitcoin News

Cryptocurrency market update: Bears dominate quiet Saturday trading

Bearish momentum extends on Saturday across the crypto space. Bitcoin is the top weekly loser among five dominant cryptocurrencies. Ripple (XRP/USD) extends its corrective slide from six-week tops into a third straight day today.

More Cryptocurrencies News

Litecoin price prediction: Bears eye 73.00 amid descending triangle, bearish RSI

The fifth most widely traded cryptocurrency, Litecoin, remains on the back foot so far this Saturday. Sellers take back control amid a descending triangle formation spotted on hourly sticks, with eyes on 73.00.

More Litecoin News

Monero technical analysis: Trapped in range, vulnerable while below 83.50

Monero (XMR), the 14th largest cryptocurrency with the current market capitalization of $1.26 billion, is the second-biggest loser among the top 20 widely traded cryptocurrencies. 

More Monero News


Bitcoin weekly forecast: Let the altcoin season begin

All major altcoins demonstrated strong growth while Bitcoin reluctantly oscillated in a tight range and stayed vulnerable to bearish sentiments. The first digital currency spends the best part of the week hovering around $10,200 level.

Read the weekly forecast