Chief Financial Officer of Paypal, John Rainey, has stated in a recent interview that the payment platform will proceed with a bit more caution towards cryptocurrencies.
At the same time, he admitted that if cryptocurrency stabilizes in the future and becomes “better currency”, his company will “certainly support that”.
Rainey added that the volatile crypto swings threaten the viability of the businesses Paypal is working with.
“If you’re a merchant and you have, let’s say, a 10 percent margin on a product that you sell and you accept bitcoin, for example, and the very next day it moves 15 percent, you’re now underwater on that transaction,”
The Paypal CFO told CNBC.
“You could have something that appeals to consumers, but if merchants don’t accept it, it’s of little value. Right now, we don’t see a lot of interest from our merchants. But if it’s something that stabilizes in the future and is a better currency, then we’ll certainly support that,” Rainey elaborated.