PayPal CFO Says Firm Not Interested in Crypto Sector Right Now

PayPal CFO Says Firm Not Interested in Crypto Sector Right Now

The chief financial officer (CFO) of major payment system PayPal said that the firm is hesitant about getting involved in the cryptocurrency sector in an interview with Yahoo Finance on May 7.

Speaking about the company’s future cryptocurrency plans, PayPal CFO John Rainey pointed out that the firm previously allowed its merchants to accept bitcoin (BTC) as a form of payment, but subsequently saw the instability and volatility of the currency. “If a merchant accepted that they would quickly convert it to a more stable currency like the euro or dollar,” Rainey stated, adding:

“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.”

Rainey also revealed that PayPal made a $500 million worth investment in transportation network company Uber, because the two companies intend to jointly develop a payments platform.

In mid-April, PayPal won a cybersecurity patent for a system entitled “Techniques for cryptocurrency ransomware detection and mitigation,” that intends to improve the detection of ransomware and prevent it from locking up users’ access to their files.

Last year, PayPal filed another patent to increase the speed of cryptocurrency payments by using secondary private keys to reduce wait times for transactions between merchants and consumers. 

The patent details how the creation of secondary wallets with their own private keys will make transaction times much faster, “practically eliminate the amount of time the payee must wait to be sure they will receive a virtual currency payment in a virtual currency transaction.”

PayPal Costs 30 Times More Than the Blockchain Reduction Fee!

PayPal pays a money transfer fee that is far more expensive than the blockchain reduction fee. An investor compares the cost of international money transfers through the blockchain with PayPal. For example, transferring $100,000 Bitcoin only costs between $5 to $50. The cost of doing the same transaction at PayPal requires at least $1,500.

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While Blockchain technology is far superior to other technologies we have today, there are people who doubt about its superiority. However, international payments are one of the places where blockchain technology has proven useful.

An investor has compared the costs of sending and receiving money. According to this, Bitcoin (BTC) costs $100,000 to trade between $5 to $50. However, if we do the same thing with PayPal, the cost of sending money is at least $1,500. We can also enter delays from the system.

The Blockchain transfer takes place almost instantaneously, which means that the recipient receives funds sent within a few seconds or if the blockchain traffic volume is solid within a few hours.

At PayPal, there is a central authority, and this authority can choose to save funds sent for several days, for whatever reason or other reasons. Funds can also be delayed for several days, even in the usual procedure.

Ripple (XRP) is the main blockchain project that solves this scheme in the area of money transfers. The company has very low wages, and indeed builds an efficient and inexpensive system of remittances outside the limits. These payments are immediate and there is no central authority to censor money transfers.

Because of this, Blockchain technology gives users freedom and saves time and money. At present, Ripple is in a race close to SWIFT. If we renew the SWIFT system, just waiting for the time to be stopped by Ripple (XRP).

Sending money with Bitcoin (BTC) is not the cheapest and fastest in the cryptocurrency market. However, the transfer volume of Bitcoin money has exceeded several times the amount of PayPal. This means that crypto coins in the payment area will have a vote in the near future.


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