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PayPal does not recommend investing money in cryptocurrencies

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PayPal is unlikely to buy cryptocurrencies like Bitcoin, says the company’s chief financial officer (John Rainey) John Rainey. For a network CNBC.

Rennie said in an interview with CNBC: We are not likely to invest corporate money in some type of financial asset like this, but we want to take advantage of this growth opportunity ahead of us.

PayPal said in October: It allows US customers to buy, possess and sell cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. And shop using cryptocurrencies at merchants through its network.

Venmo, the PayPal-owned mobile wallet, is expected to start offering the same services in the first half of this year.

Earlier this week, Mastercard said it plans to provide support for some cryptocurrencies across its network this year, while BlackRock and Square recently supported cryptocurrencies.

Rennie said: PayPal wanted to invest its money in the services the company currently provides, such as Buy Now and Pay Later.

Buy now and pay later via retail websites has boomed during the coronavirus pandemic, as more people switched to shopping online.

The company has acknowledged that it believes that the transition to digital forms of currencies is inevitable, and (Dan Schulman) PayPal CEO Dan Schulman in December described digital wallets as a natural complement to digital currencies, and said: The company serves 360 million digital wallets.

PayPal’s comments come amid the bitcoin craze after billionaire Tesla electric car company (Elon Musk) revealed that it has bought $ 1.5 billion of the cryptocurrency and will soon accept it as a payment method for cars, driving the price of the digital currency up.

After Tesla’s announcement, several companies gave their opinions, as Uber CEO Dara Khosrowshahi said: The ride-sharing company has discussed and quickly rejected the idea of ​​investing in Bitcoin, however, adding that Uber may accept cryptocurrency as a method of payment.

Twitter said it had not yet made a decision about holding Bitcoin, while General Motors said it was studying whether Bitcoin could be accepted as payment for its vehicles.

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