PayPal May Be Gearing Up To Change Its Stance On Crypto

These days there have been some massive movements taking place in the crypto space that might have triggered the parabolic run, and the exciting news seems to keep flooding the crypto industry.

One of the latest exciting pieces of news includes PayPal.

PayPal may change its stance on crypto

Paypal’s position regarding the digital currency might be changing soon as the CFO John Rainey has stated that the payment processor created teams to study blockchain and crypto, according to the latest reports coming from Forbes.

Previously, PayPal allowed merchants to receive payments in BTC, but it removed this feature after the volatility became stronger.

PayPal is open to crypto research

During an interview with Yahoo Finance, John Rainey has spoken about PayPal’s present stance towards BTC, reports BTCmanager.

He addressed the immaturity of the network as the main reason.

But on the other hand, PayPal has admitted the fact that the idea and the tech behind the blockchain tech are extremely fascinating and said that they are currently developing active solutions on the blockchain.

PayPal is still skeptical about BTC, but they have assembled a team to take on crypto in harmony with the blockchain, according to the same magazine mentioned above.

John Rainey was quoted explaining the situation and why PayPal is still uncertain about Bitcoin:

“We have teams working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form it takes up in the future – I think it’s just a little early on right now (for Bitcoin). If a merchant adopted Bitcoin, they would quickly convert it to a more stable currency like the Euro or Dollar.”

Crypto market explodes

Yesterday marked some essential news in the market involving the launch of BTC futures by Bakkt, and crypto mass adoption.

BTC’s price has been rallying like crazy, triggering tremendous excitement and FOMO in the crypto space.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.