PayPal CFO says company is unlikely to invest cash in cryptocurrencies

SectorFinancial Markets
CountryMiddle east

PayPal is not likely to buy digital currencies like bitcoin, though the company does see immense opportunity in the digital wallet space. In an appearance on CNBC's "Mad Money" Thursday, PayPal Chief Financial Officer John Rainey said the payments giant has no interest in buying cryptocurrency, instead preferring to invest in services that are additive to the platforms it offers. "We're not going to invest corporate cash, probably, in sort of financial assets like that," he said in response to an inquiry from the show's host, Jim Cramer, "but we want to capitalize on this growth opportunity that's in front of us." The company has acknowledged that it believes the transition to digital forms of currencies is inevitable. In December, PayPal CEO Dan Schulman called digital wallets a "natural complement to digital currencies" and said the company serves 360 million digital wallets. PayPal does have exposure to the crypto market. In October, the company announced that it would allow users to buy, hold more...