PayPal unlikely to invest cash in cryptocurrencies

PayPal Holdings Inc is not likely to buy cryptocurrencies such as bitcoin, the payments processor’s Chief Financial Officer John Rainey told CNBC on Thursday.

“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” Rainey said in a CNBC interview.

PayPal said in October it will allow U.S. customers to hold bitcoin and other virtual coins in its online wallet, and shop using cryptocurrencies at merchants on its network.