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PayPal Might Not Jump on the Blockchain and Crypto Bandwagon Anytime Soon

PayPal is probably the most widely used and recognized online payment portals in the world, however, the firm is in no hurry to jump on the ongoing blockchain and crypto bandwagon, as it believes that its services would still be in demand in future.

John Rainey, the chief financial officer at PayPal says that the firm is not obsessed with Bitcoin like many other traditional payment portals. During the Yahoo Finance’s The First Trade event, Rainey said that the firm is determined to implement necessary and progressive changes brought in by blockchain technology and cryptocurrency, but the company has no plans of issuing any tokens of their own. The CFO said,

“We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [on bitcoin],”

For the time being PayPal is focused on other growth and profit opportunities leaving the nascent payment system for better times. Talking about other progress the firm has recently invested $500 million in Uber IPO scheduled for this week. With this partnership, PayPal wants to create a monopoly among the payment platforms. Apart from investment in Uber, Paypal also became the payment providers for Instagram.

The comment by Rainsy comes amid the strong price rally in the crypto space and many major traditional firms looking to invest in the decentralized world. Be it Telegram launching their own token, or banks like Barclays either availing Over the counter trading options for crypto or looking to avail crypto hedging services.

PayPal has quite a dominance in the cross-border online payment service, however, it has been often criticized for high transaction fee and delays in payments, especially when crypto tokens have become a rage in recent times. Crypto tokens promise to improve upon aspects like transaction speed and transaction fee.