PayPal’s CFO confirms The Firm has no interest in Crypto Sector
PayPal’s CFO confirms that they have no interest in the Cryptocurrency sector at least for now.
Also the Chief financial officer (CFO) of the major payment system PayPal confirmed that the company is obviously hesitant over getting involved to the new era of Cryptocurrencies as per the interview with the Finance department of Yahoo on the 7th of May.
While throwing light at the company’s plan over the future Cryptocurrency interest adds PayPal CFO John Rainey pointed over that previously allowed acceptance of Bitcoin via the merchant as a form of payment.
But as they subsequently observed the instability and volatility of the currency they had stopped the previously started initiative.
And the reason was that”
“If a merchant accepted that they would quickly convert it to a more stable currency like the euro or dollar,”
To all this Rainey stated:
“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.”
Between the talks, Rainey also revealed that PayPal along with Uber are planning to jointly develop a payments platform and hence of this reason the firm has made a $500million worth of investments in the transportation network UBER.
Keeping all this aside,
In the previous month, PayPal had also won the Cybersecurity patent for a system entitled, ”techniques for cryptocurrency Ransomware detection and mitigation,” and had a great intent in the improvement of ransomware detection and thus preventing the locking up of user’s access to their files.
Last year also PayPal had filed another patent which aimed to increase the speed of Cryptocurrency payments with the use of a secondary private key and thus finally reduce the total wait time.
All this was made possible with the creation of a secondary wallet which had there own private key which made the process a lot more easier. So that overall the time-consuming processes have reduced timings.
