There has been a lot of conversation about PayPal and digital currencies. Despite all that hype PayPal is not buying crypto for now. Speaking in New York at the Economic Club in Manhattan Pay Pal CEO Dan Schulman said that digital currencies still have an uncertain future. According to Dan: “Regulations should be sorted out as well as other many things. Cryptocurrency is an experiment right now, and it’s not very clear which direction it will go.”
Earlier this week news was all over that PayPal had filed for a patent which was aimed at expediting digital currency transactions. This made many Bitcoin enthusiasts assume that PayPal was taking a hard look at the market. It has however emerged that the patent was filed 18 months ago only that it was made public this month.
In a note Jason Deleeuw who is an analyst at Piper Jaffrey said that: “The timing of this patent application and also their latest public commentary by PayPal shows that there might be a solution by PayPal to make digital currency merchant payments scalable may be de-prioritized. Remember that PayPal has also said before that crypto assets have long-term merit and could easily see acceptance as a daily method of payment.”
PayPal spokesperson on his part stated that: “We are very interested in technologies and applications that have the potential which supports our mission of financial inclusion.”
About Blockchain Schulman believes that it will be a very powerful tool that will change the landscape. He stated that cryptocurrencies are just one application of Blockchain and that it can do much more than just digital currencies. PayPal has already set a team to look into Blockchain to try to understand how they can use the technology in future. PayPal is trying to make its transactions faster and safer that’s why they are trying to use Blockchain to make everything easier.