PayPal Not Ready to Put its Money Where its Mouth Is

Months ago, PayPal (PYPL) made headlines and sent the Bitcoin crowd into a frenzy when the company announced it will allow customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

PayPal President and Chief Executive Dan Schulman even went so far as to say he isn’t thinking just about Bitcoin and other digital dollars, instead, he’s looking ahead to central bank-backed cryptocurrencies:

“We are working with central banks and thinking of all forms of digital currencies and how PayPal can play a role.”

But now, even after companies like Tesla (TSLA), which has also long stood behind the digital dollar, begin buying up as much as $1.5 billion worth of bitcoin, Schulman and his CFO John Rainey say they won’t be opening up their wallets for the digital dollar anytime soon:

“We’re not going to invest corporate cash, probably, in sort of financial assets like that. But we want to capitalize on this growth opportunity that’s in front of us.”

“The types of services that we’re providing, like buy now, pay later [and] crypto as an example — even offline QR code — those are the types of things that we want to continue to invest in, be it organically or even inorganically when we see opportunities in the ecosystem.”

Originally published by CNBC.com

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