PayPal CFO says it won't be investing in cryptocurrencies

PayPal CFO, John Rainy, said in an interview with CNBC on Friday that it was unlikely that the company would buy cryptocurrencies like bitcoin.

He said that PayPal would prefer investing in services that are additive to the platforms it offers.

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

PayPal CEO Dan Shulman acknowledged in December that transitioning to digital currencies will be inevitable, going on to argue that digital wallets are a “natural complement” to cryptocurrencies.

The firm currently serves 360m digital wallets and has allowed users to buy, hold and sell cryptocurrencies since October 2020.

His comments on crypto follow a surge in buying year-to-date, especially after Tesla purchased $1.5bn worth of bitcoin and announced that it would begin accepting the currency as a form of payment from customers.