It's still "a little early" to focus on bitcoin, PayPal CFO says

PayPal is still cautious when it comes to cryptocurrencies, PayPal Chief Financial Officer John Rainey said in an interview for Yahoo Finance. Rainey said that PayPal used to allow merchants to accept bitcoin payments but the company quickly noticed that due to high volatility, merchants would quickly convert bitcoin to fiat currencies because of volatility.

That isn’t to say the company is ignoring the cryptocurrency space altogether. “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,” said Rainey.