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Paypal’s Interest in Cryptocurrencies to Exclude Corporate Cash Investment

Paypal Chief Finance Officer (CFO), John Rainey, has stated that the company will unlikely invest corporate cash in cryptocurrencies, instead it would prefer “to invest in services that are additive to the platform it offers.” 
Paypal continues to develop interest in cryptocurrencies. US investors were given a crypto-limelight last October as Paypal integrated features that include bitcoin, bitcoin cash, Ethereum and litecoin that will enable users to trade cryptocurrencies on its site. Paypal has promised to extend the service to their UK customers.
The interest of Paypal in cryptocurrency comes days after, Tesla, Electric Vehicle manufacturer decided to invest a whopping $1.5 billion in bitcoin. Tesla co-founder, Elon Musk, made a proclamation that saw the bitcoin value surge at a magical rate. 
The giant digital payment firm will, however, not invest cash in bitcoin. The Company is on a mission become a mission to become a one-stop market, just like Alibaba Group Holding Limited’s BABA and Alipay that offers a variety of services to their clients in China.
“We are not going to invest in corporate cash, probably, in sort of financial assets like that, but we want to capitalize on this growth opportunity that is in front of us,” Paypal CFO told CNBC.
Paypal’s approval that enables its users to transact cryptocurrencies on its platform is a major boost to the confidence in digital currencies. The firm plans to expand cryptocurrency features to Venmo in the first half of 2021.
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