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PayPal has no plans for investing in digital currencies but wants to capitalize on crypto craze

PayPal has no plans for investing in digital currencies but wants to capitalize on crypto craze
Online payments operator PayPal is unlikely to pour money into bitcoin and other cryptocurrencies, its Chief Financial Officer John Rainey said, stressing that the firm sees a variety of opportunities in the digital wallet space.

According to the top manager, the company is not interested in buying the tokens, but it is planning to develop services that could be integrated into the platforms PyaPal offers.

“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,” the CFO said in an interview with CNBC.

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In October, PayPal said it would allow its US-based customers to hold bitcoin and other virtual coins in their online wallets, as well as to shop using cryptocurrencies at merchants inside the company’s network.

Earlier this week, credit card major Mastercard announced plans to offer support for some cryptocurrencies on its network as soon as this year. US asset manager BlackRock and payments company Square have recently joined the list of corporations backing digital currencies.

The PayPal announcement comes days after Elon Musk’s electric automaker Tesla revealed it had bought $1.5 billion worth of bitcoin, and was planning to accept it as a form of payment for vehicles. The move made the price of bitcoin hit another record high of $48,000.

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Later, Uber СEO Dara Khosrowshahi said the ride-hailing provider “quickly dismissed” the idea of investing in bitcoin, but would potentially accept the cryptocurrency as payment. General Motors also said it will evaluate whether bitcoin can be accepted as payment for its cars.

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