PayPal, the global online payments and money transfer system, has begun investing in blockchain technology. But according to their chief financial officer John Rainey, the firm is hesitant about getting involved in the cryptocurrency sector.
Speaking in an interview with Yahoo Finance on May 7, Rainey pointed out that PayPal briefly allowed their merchants to accept Bitcoin (BTC) as a form of payment, but that feature was shut down due to the currency’s instability and volatility.
Adding to this, 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.”
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