Paypal was bringing the go-to for any digital transferring of cash, Nevertheless as the established to bitcoin and its related cryptocurrency industry, the online payments, giant has been push to take note, adding on that perception of BTC, cryptocurrency in general, as well as the underlying blockchain technology, and has been totally fluid and ever-changing, which have been suggested by a co-founder of the company that BTC was a scam, and while there have been recent predictions from a board member that BTC could surge with 250 times of its value. The update from PayPal, regarding their stance on the entire ecosystem, they have much more pro blockchain and while still not being vested in the cryptocurrency side of things, according to their CFO John Rainey.
Rainey told:We have teams clearly working on blockchain and cryptocurrency as well, and we want to take part in that in whatever form that takes in the future — I just think it’s a little early on right now [for bitcoin],” Rainey saying also PayPal has dipped a toe into the bitcoin market before, and perhaps their experience in that very new and raw market was enough to spook them. The firm previously allowed its merchants to accept bitcoin as a form of payment, but subsequently saw the instability and volatility of the currency.” “If a merchant accepted that [bitcoin] they would quickly convert it to a more stable currency like the euro or dollar,”
Few evidence to suggest that PayPal, as of today is appearing signs of interest in getting involved in both blockchain and bitcoin – former more so than the latter because, which CFO stated, they want to be a part of whichever is the future. At this end, the evidence of PayPal’s blockchain involvement where is more obvious as most of the growth in the ecosystem currently has been in industry blockchain use case and adoption. And recent example, PayPal’s involvement in the space of blockchain firm’s investment in blockchain technology and startup know as Cambridge Blockchain. The focuses empowering individuals to redistribute the storage of their online digital identities without intermediaries.
Cases in cryptocurrency indicate a keen investment in Cambridge Blockchain and direct it in interest in building towards blockchain opportunities for PayPal in the future, which there are also indications which the payment company will not move away from any potential cryptocurrency growth, integration and adoption. Protected seems to be one way in which the PayPay is looking to keep abreast of the space with the firm, last middle of April of this year, winning a cyber-security patent for the system entitled “Techniques for cryptocurrency ransomware detection and mitigation.” The intention with this patent is to improve the detection of ransomware and prevent it from locking up users’ access to their files.”
Even blockchain space are more relevant, last year PayPal filed another patent growing up the speed of cryptocurrency payments by using secondary privates keys just to minimized wait times for transactions between merchants and consumers. Blockchain over bitcoin is not that unusual, Institutionalized or traditional, industry and company quickly noted the benefits of blockchain technology, but have in the same breath expressed their concerns over the speculative cryptocurrency space. PayPal felt the sting of the immature traders, which was prone to such swings of volatility that in their experience merchants were racing to be rid of the ever-changing asset. Blockchain which is more of a pure technology does not have to have the direct financial ties to cryptocurrency and more enticing to companies and enterprises that are looking to utilize it as a tool for efficiency and growth.