Kriptokoin.com - Why PayPal doesn't support Ripple (XRP), the fourth largest cryptocurrency by market capitalization, is a big concern. A master name answers this question ...
Paxos CEO: PayPal chooses cryptocurrencies to support based on SEC
PayPal has partnered with Paxos Trust Company to allow its millions of users in the US to buy, sell and store Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). In a new interview on the Unchained Podcast, Paxos CEO and co-founder Charles Cascarilla says the two companies are looking in part with the Securities and Exchange Commission (SEC) to determine which assets to support. Charles Cascarilla adds the following to his comments on the subject
WHAT PAYPAL WAS LOOKING FOR AND WE DONE THAT. In fact, we have the authority to store and exchange additional crypto coins. WE HAVE PAX GOLD, ONE OF OUR CRYPTO MONEY. WE HAVE PAX DOLLAR. THEREFORE, WE HAVE OTHER PRODUCTS THAT ARE NOT INCLUDED IN THE CRYPTO BROKER LAUNCH. BUT, THESE ARE THE FOUR OF PURE CRYPTO CURRENCIES WHICH WE LISTED ON OUR EXCHANGE AND WE REALLY SUPERVISE. WE WILL EXPAND THESE AS OUR CUSTOMERS NEED MORE PRODUCTS, BUT WE WANT TO BE CUSTOMER FOCUSED. THERE ARE MANY QUESTIONS WHEN YOU START GOING OUT OF THESE FOUR ABOUT THEIR SECURITIES. AND I THINK THIS IS ALWAYS SOMETHING THAT MAKES SOME HUSBANDIC. FOR EXAMPLE; CONCLUSION BITCOIN, BITCOIN CASH IS VERY LIKE EACH OTHER… LITECOIN AND ETHEREUM WAS CLEARLY HANDLED BY THE SEC… AND WHEN YOU STARTED TO DISTANCE THIS FIRST FOUR, THERE ALWAYS HAVE SOME QUESTIONS AROUND. NOT ONLY FOR US, BUT FOR THE SECTOR IN GENERAL. THIS IS AN SUBJECT WE NEED TO BE SENSITIVE.
Charles Cascarilla: PayPal doesn't support Ripple as it may be a security
In addition to the four cryptocurrencies offered by PayPal, the New York State Department of Financial Services (NYDFS), where Paxos is headquartered, has also approved four other crypto assets for trading. As a result, the eight assets officially approved for trading are: Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG) and Paxos Standard (PAX).
Although NYDFS allows companies to store XRP, the asset has not yet been approved for sale and trade. Until that happens, it seems unlikely that XRP will be offered via PayPal anytime soon.