Recently PayPal confirmed that the company is not proceeding its investments towards cryptocurrencies. In an interview at Economic Club of New York in Manhattan, The CEO of PayPal, Dan Schulman stated that “At present, cryptocurrencies are termed as innovative experiments. There is no idea, in which direction this experiment will turn out.” He also mentioned that Cryptocurrencies have very uncertain future and for now, we are not interfering into that.
Earlier this week, the news reports suggested that PayPal has filed a patent for expediting virtual currency transactions. Well, it is true that both of the news contradicts a lot with each other. But again, the reality is, both are initiated by PayPal only. According to some analysts, the patent was filed some 18 months ago and now came to a highlight. Considering both the news, it can be said that, PayPal was interested in Cryptocurrencies some 18 months back, but now the scenes are just different.
Jason Deleeuw, Analyst at Piper Jaffray, mentioned that “It was PayPal in the past, which praised the long-term merit of cryptocurrencies and also has accepted it as a daily form of payment shortly.” Up on this statement, a spokeswoman for PayPal cleared that, we have a keen interest in innovative technologies and applications, which can improve our mission of financial inclusion. But Blockchain Technology is something different.
The lady also confirmed that a dedicated team of PayPal is still working on Blockchain Technology to make it a feasible form of payment shortly. All these things prove that PayPal is still not sure about the feasibility of Cryptocurrencies, and thus has stepped back from the BlockChain implementations.