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PayPal Steps Back From Crypto Sector

You will most likely have heard of PayPal. Founded in 1998 by Elon Musk, Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, and Yu Pan, the American giant operates on a global scale and supports online money transfers and serves as an electronic alternative to traditional paper methods like money order and cheques.

The Chief Financial Officer of PayPal has said that the payments giant is a bit skittish about getting involved with the cryptocurrency space as he said in an interview with Yahoo Finance earlier this week.

Whilst discussing the future of PayPal, the CFO John Rainey highlighted that the firm allowed merchants to accept Bitcoin in the past as a form of payment. But shortly after this, the volatility and unstable nature of the currency seemed to get the better of them.

Rainey said:

“If a merchant accepted that they would quickly convert it to a more stable currency like the euro or dollar. We have teams clearly working on blockchain and cryptocurrency as well, and we…

Read Full Story : Crypto Daily™

2019-05-10 21:30:00

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