paypal one eye on bitcoin

PayPal Keeping One Eye on Cryptocurrencies and Blockchain

On the 7th May 2019, John Rainey, Chief Financial Officer of PayPal, took part in an interview with Yahoo Finance. During the interview he took the time to briefly discuss, among other things, cryptocurrencies and blockchain.

He takes the time to state that the payments giant are interested in the field, but he thinks it is a little bit too early for PayPal to get involved. During the interview he does also mention that PayPal do have a team “obviously” working on blockchain and cryptocurrency.

“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” – John Rainey, Chief Financial Officer of PayPal

The news from John Rainey comes after a bullish couple of weeks for the price of Bitcoin (BTC). After a load of positive news stories regarding everything from Facebook making a cryptocurrency, to new trading platforms, the price of BTC has breached the $6,300 mark for the first time this year.

PayPal are currently on a spree to free up a significant supply of free cash this year and have just reportedly invested $500 million in the car hire platform, Uber.

Rainey stated that this investment was decided upon to allow the two companies to develop a payments platform together. He also states that Facebook’s Instagram have also partnered with PayPal in order to make them the payment provide of choice for those shopping on the platform.

With all the positive news surrounding the Bitcoin cryptocurrency, and the return of the enigmatic bulls, it isn’t surprising that the original crypto is back in the mainstream press, and receiving positive attention. Long may it continue.

Love, peace and happiness.