Although PayPal is working on blockchain and cryptocurrency projects, the company is not sold on the idea of a digital coin, PayPal CFO John Rainey told Yahoo Finance on May 7.
"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 [on bitcoin]," Mr. Rainey said.
Cryptocurrencies have resurfaced in recent months. Insurance provider Fidelity plans to offer bitcoin trading services, and Facebook is reportedly developing a cryptocurrency platform.
Instead of focusing on disrupting the current payment system, PayPal is focused on its $500 million stake in Uber and its recent deal with Instagram.