John Rainey, the Chief Financial Officer of Paypal, has stated in a recent interview that the payment platform will proceed with a bit more caution towards cryptocurrencies. At the same time, he admitted that if cryptocurrency stabilizes in the future and becomes “better currency”, his company will “certainly support that”. Rainey added that the volatile crypto swings threaten the viability of the businesses Paypal is working with.
“If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,” Paypal CFO told CNBC. “You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value. Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that,” Rainey elaborated.
Despite Paypal’s current position on cryptocurrencies, a recent patent filing revealed that the payment provider might be considering expanding its exposure to the crypto ecosystem. Reports came out in March this year that Paypal has filed a new patent application with the US Patent and Trademark Office for an “expedited virtual currency transaction system”. Back in 2016, it was reported that the company had applied for another crypto-related patent – one that envisages the development of a payment module accepting bitcoin, litecoin and dogecoin.
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