PayPal CFO John Rainey Says Company Will Not Convert Cash In Crypto

PayPal CFO John Rainey says that the company doesn’t really consider allocating or converting cash into crypto or Bitcoin despite the beliefs in the potential of digital assets so let’s read more in our latest crypto news.

PayPal will avert from investing the cash into BTC and despite the growing interest from institutions in crypto, the payments giant company won’t get into the crypto Whirpool as per the PayPal CFO John Rainey. It seems like a huge opportunity in the development of digital wallets and PayPal will most likely not allocate the portions of the cash into BTC or other cryptocurrencies and according to the reports, Rainey said that the company doesn’t have any interest in purchasing crypto. Instead, the company prefers to invest in other services that improve the network that it offers.

The company admitted that its belief in the transition to digital forms of currencies is practically inevitable. PayPal CEO’s Dan Schulman addressed that digital wallet as a “natural complement to digital currencies” and commented that the company maintains up to 360 million digital wallets. Rainey commented:

 “We’re not going to invest corporate cash, probably, in sort of financial assets like that,  but we want to capitalize on this growth opportunity that’s in front of us.”

He also noted that PayPal mapped some plans to invest funds in companies that provide complementary assets to the platform and bring growth which also introduces its “buy, sell and hold” crypto services to the UK. The CEO explained:

 “The types of services that we’re providing, like buy now, pay later [and] crypto as an example — even offline QR code — those are the types of things that we want to continue to invest in, be it organically or even inorganically when we see opportunities in the ecosystem.”

There are times when institutional investors and popular names like Microstrategy and Tesla are making their way into BTC and crypto but PayPal won’t follow the current flow while still showing quite the trust in the digital assets. The company marked its 4^th quarter of its fiscal 2020 after including crypto trading in the list of services. The major leap came after the company received a conditional license from the NYDFS allowing the users of the Venmo service to trade crypto.

The payment processing company reported its strongest financial year with the payments volume and new accounts strengthening the scale. Furthermore, the company announced its active users’ number reached 16 million in the fourth quarter alone.