Before, it’s safe to say that there wasn’t much known about crypto. Paypal was really the go-to platform if you want to transfer any currency but the mainstream market has really transformed itself over the last few years. Now, in this related industry, the online giant has been forced to take a few notes from those who are creating the next big movement. Paypal’s perception of Bitcoin and even cryptocurrency in genera has been fluid for quite some time. It is also continually changing too. There have been suggestions from a co-founder that Bitcoin is a scam but even with this being said, there have been some recent predictions that Bitcoin could grow to 20 times its value, right now. This is shocking news to say the least but it is safe to say that if this does happen, then there’s going to be a lot of movement in the industry.
The latest comes from Paypal and this is in regards to their stance on the ecosystem right now. They are still way more pro-blockchain at the moment and they are not invested in the crypto-side of things. This is according to their current CEO, who is known as being John Rainey. When he spoke with Yahoo Finance, he went on to say that he has been working with people on the blockchain and that he has also been working with cryptocurrency fans too. He wants to take part in this movement but he thinks that right now, it is just far too early. Of course, he is referring to Bitcoin when he says this but right now anything could happen.
Paypal have dipped their toe into the market once before and their experience is very new. The raw market was once more than enough to scare them and the firm even allowed merchants to accept any payments of Bitcoin at one point. The problem is that ever since then, they have seen the degree of instability and even volatility regarding the currency and this has concerned them. If a merchant did receive Bitcoin then they would probably convert it into a much more stable currency. This could include the Euro or even the dollar. There are a few pieces of evidence that show that Paypal is showing some degree of interest when it comes to investing in the blockchain. The former is more the case, because the current CFO has continually stated that they want to be part of the future. If this means choosing the blockchain over Bitcoin then this will most certainly be the case. That being said, the evidence of the blockchain involvement is becoming more and more obvious now and even the ecosystem is using cases and adoption to try and further the cause.
One example of all of this is how involved Paypal have been on the blockchain. When you look at the space, you will soon see Cambridge Blockchain. They focus on making sure that individuals are empowered and that they are also working hard to try and decentralise the storage in general. This is especially the case when you look at their digital identities. Of course, they do not require any intermediaries. The investment in the Cambridge Blockchain really does show that there is a very keen interest in the opportunities of the future. There is also a strong indication of the payment company and the fact that they do not want to move away from the idea of cryptocurrency growing. They also don’t want to shy away from its adoption either. Patents do seem to be one way that Paypal is exploring the space. They won a patent for cryptocurrency and cybersecurity protection just last year. This shows that they are trying to improve their own ability regarding ransomware and that they are also trying to make sure that users are not being locked up in terms of their access. What’s even more relevant is that the blockchain space is being used by Paypal in another way too. They are working hard to try and increase the speed of payments that are made to secondary or even private keys.
The motion of having blockchain over something like Bitcoin is not really that unusual when you think about it. A lot of institutionalised or even traditional enterprises have noted time and time again that there are benefits when it comes to the blockchain. That being said, a lot of people have expressed their concerns over the cryptocurrency idea and some people are not as keen as others. These concerns are more addressed to Bitcoin rather than the other currencies that are out there and most of it has to do with the current state of the market. Bitcoin has only come into the spotlight recently and this is over the last two or even three years. The bubble is going to be burst and Paypal has felt the harsh reality of investing in an immature market in the past. This is especially the case when you look at how volatile it is.