PayPal lays off research team specializing in new techPayPal lays off research team specializing in new tech

Team worked on quantum computing, crypto and blockchain technologies.

PayPal has laid off the research team specializing in emerging technologies widely considered as fast-growing areas.

The payments giant let go of three employees and one contractor earlier this month. They specialized in doing research on how to use quantum computing, cryptography, distributed ledger and other advanced technologies in security.

The news was first reported by Business Insider, which also said more cuts could be coming as PayPal goes through an internal restructuring to cut spending.

One of the programs this team worked on involved a partnership with IBM to use quantum computing and machine learning to go through large datasets to detect fraud. But benefits were theoretical and unproven, the publication said.

The cuts came as PayPal hired a new CISO, Assaf Keren, after predecessor John Nai retired.

PayPal spokesman Justin Higgs confirmed the number of layoffs in its security R&D team to AI Business.  

“PayPal is constantly evaluating how we work to ensure we are prepared to meet the needs of our customers and operate with the best structure and processes to support our strategic business priorities as we continue to grow and evolve,” he said in an emailed statement.

“The company remains committed to innovation and delivering great products and services for our customers,” Higgs added.