PayPal Holdings Believes It’s Still Early To Call Bitcoin The Future Of Payments

PayPal, the online financial services company says that it’s too early to claim Bitcoin as the future of payments. However, the company is pursuing blockchain projects despite the statement, according to Yahoo Finance reports that come into our altcoin news today.

According to the reports, PayPal’s chief financial officer John Rainey believes that crypto and blockchain technology can be disruptive to the financial services giant is not going to miss out:

‘’We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [on bitcoin].’’

The CFO of PayPal Holdings is not the only one in the company who has a skeptic view towards Bitcoin. The CEO of the company Dan Schulman stated earlier this year that ‘’we are not seeing many retailers at all accept any of the cryptocurrencies.’’ However, he did acknowledge that the technology behind cryptocurrencies and Bitcoin is ‘’interesting.
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Schulman also pointed out last year that the reason why retailers are not afraid to accept bitcoin is because of the high volatility of the coin. Still, an Amsterdam Stock Exchange trader under the name Crypto Michael claims that Bitcoin is up to 80 times cheaper than PayPal. This is mainly when cross-border payments are conducted in large amounts.

Despite the skepticism of PayPal and its employees, one member of the company’s board is on the completely another side. The director of the financial services company Wences Casares says that the chances of bitcoin to succeed are 50 percent as it was previously reported in the best cryptocurrency news sites. According to him, if the number one cryptocurrency succeeds, it could reach up to $1 million in 10 years. Casares is also the CEO of the bitcoin wallet company Xapo.

As the CFO of PayPal Holdings noted, the company will still pursuit blockchain projects. Only last month, the financial services company invested in the blockchain-based startup known as Cambridge Blockchain. The startups focus on helping individuals to decentralize the storage of their online identities. PayPal can use the technology of the startup by giving users another way of sharing personal information.