PayPal is preparing to add support for bitcoin payments

According to Fortune, digital payments giant PayPal continues to maintain intrigue regardingbitcoin payments. At the same time, PayPal CFO John Rainey said the company has "other financial services" that he prefers not to cover for now.

Rumors about PayPal and Venmo interacting withBitcoin and other cryptocurrencies began circulating at the end of June. This month, PayPal sent a letter to the European Commission in which the $225 billion company mentioned opportunities for developing crypto payments:

«PayPal constantly monitors and evaluatesglobal developments in the field of cryptocurrencies and blockchain/distributed ledger. Of particular interest to us is how these technologies and cryptoassets can be used for greater financial inclusion and how they help reduce/eliminate pain points that are inherent in current financial services.

In addition, PayPal recently opened a vacancy for a cryptocurrency and blockchain engineer. However, it is not yet clear what crypto project the company will launch, as no comments have been made.

It is believed that the service will be available forretail investors who have no idea about the 2017 crypto bubble. Venmo and PayPal have a total of 366 million users.

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Perhaps PayPal's move towards cryptocurrencies is relatedwith the crisis due to the coronavirus pandemic, as it was noted that consumers no longer want to deal with cash and any form of payment that requires physical contact.

Interestingly, in an interview with Fortune last November, CEO Daniel Shulman revealed that Bitcoin is the only cryptocurrency he owned.

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