PayPal Unlikely To Invest Cash In Cryptocurrencies
PayPal is not likely to buy cryptocurrencies such as bitcoin, the payments processor’s Chief Financial Officer John Rainey told CNBC on Thursday.
“We’re not going to invest corporate cash, probably, in sort of financial assets like that, but we want to capitalize on this growth opportunity that’s in front of us” Rainey said in a CNBC interview.
PayPal said in October it will allow U.S. customers to hold bitcoin and other virtual coins in its online wallet, and shop using cryptocurrencies at merchants on its network.
Earlier this week, Mastercard said it was planning to offer support for some cryptocurrencies on its network this year. Asset manager BlackRock Inc and payments company Square Inc have also recently backed cryptocurrencies.