PayPal Promised to Support Bitcoin

During an interview with CNBC, CFO of PayPal John Rainey said that the interests of his clients do not include digital currencies, but his company is interested in supporting world’s #1 cryptocurrency Bitcoin in the future when it is recognized by the world as the “best currency”.

John Rainey pointed out the threats to business stability, which cause volatility of the cryptocurrency:

“If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept Bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,” Rainey said in the exclusive interview.

He also added:

«Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that».

A special technology was developed for the international electronic payment system PayPal to speed up the processing of payments with cryptocurrency in March of this year. The technology consisted of using private keys that should be transferred between sellers and buyers. The concept was to reduce the time spent on making transactions without the use of cryptocurrency transfer into the blockchain.

Private keys intended for buyers and sellers will be stored in secondary wallets. This method is offered by PayPal, meaning that the system will autonomously transfer private keys to the corresponding purchase amounts.

We remind you that the CEO of PayPal Dan Schulman expressed an opinion on Bitcoin. He called it the most inappropriate way to transfer valuable resources. One of the PayPal’s competitors, Stripe, does not accept Bitcoin, arguing that the transaction with this currency has a low speed in the network.

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