Although PayPal believes in the potential of cryptocurrencies, it does not consider converting some of its cash to Bitcoin (BTC).
PayPal will probably not buy Bitcoins. Despite the interest in cryptocurrencies by institutions, the payment giant will not buy crypto money, according to the chief financial officer (CFO).
They Commemorate The Value Of Crypto Coins, But Still Not Investing
Although the value of cryptocurrencies and digital wallets will see the company, PayPal will not invest some of its cash in cryptocurrencies. According to a new report, Paypal CFO John Rainey said the company will not buy any cryptocurrencies. On the contrary, he said the company preferred to improve its payment network.
The company recognized the importance of cryptocurrencies and is aware that there is no return. In December, PayPal CEO Dan Schuman pointed out that digital wallets are complementary to cryptocurrencies, and the company has 360 million digital wallets.
“We will not invest in cryptocurrencies with the cash that the company has. But we want to take advantage of the growth opportunities ahead. “
Rainey said they will invest in platforms that complement their statements. Also, the company will provide cryptocurrency transactions in the UK.
“The services we provide now are what we want to invest in and as a result we want to achieve growth in the ecosystem.”
Accepts the Existence of Bitcoin and Cryptocurrencies
PayPal was not added to the Bitcoin and cryptocurrency buying list of institutional investors such as Tesla and MicroStrategy. But the firm trusts cryptocurrencies.
According to the CryptoPotato news, the company experienced an increase in users in the 4th quarter of 2020 thanks to crypto money transactions. After his conditional leave from the New York Financial Services Department, Venmo has enabled cryptocurrency transactions.
The payment services company strengthened its scale with high payment volume and newly opened accounts in its strongest financial year. Also, the number of active users reached 16 million in the fourth quarter of 2020.
To be exact, in 2020, the company reached 72.7 million new users and 377 million active accounts.