Here’s Why PayPal Isn’t Paying Much Attention to Bitcoin, Yet has Blockchain and Crypto Teams
- PayPal has ‘teams' working on blockchain and cryptocurrency
- Will be part of the movement in the future; just not right now
As per a recently released news report, PayPal’s executive brass still isn't convinced about Bitcoin’s usability as a global payment protocol.
To elaborate further on the matter, we can see that John Rainey — PayPal’s current CFO — recently stated in an interview that while his company was definitely working to create a novel blockchain/ cryptocurrency framework to facilitate its payments in a more streamlined manner, he still wasn’t sure about BTCs overall scalability potential.
“I just think it’s a little early on right now [on bitcoin]”
A Closer Look at the Matter
Rainey’s aforementioned statement comes at a time when the crypto market as a whole is experiencing a massive monetary surge — with big-name players such as Fidelity and Facebook announcing that they are looking to offer their clients with a host of bitcoin trading services in the near future.
With that being said, it seems as though Paypal is still not convinced about the usefulness of BTC and thus the company is working on “other areas of growth” that it feels will reap better dividends for them in the future.
Other Key Facts Worth Pointing Out
- According to a news story released recently, PayPal has just procured a whopping $500 million stake in Uber ahead of the firm’s much-hyped IPO event.
- Rainey believes that by coming together with Uber in such a way, both companies will be able to prosper massively.
- Lastly, it should also be pointed out that PayPal has signed an agreement with Instagram to serve as its official payment provider for an undisclosed period of time.
In closing out this piece, we need to clearly highlight the fact that PayPal has been on a acquisition tear this year. This, according to many market experts, might be because the firm is projected to rope in around $3 billion in free cash flow by December 2019.
Bitcoin’s price is $57,141.01 BTC/USD exchange rate today. The real-time BTC market cap of $1.07 Trillion currently ranks #1 with a chart dominance at 62.37%, daily trading volume of $29.29 Billion and live coin value change of BTC 5.59 in the last 24 hours.