PayPal Decides Not To Support XRP. Here Is Why
AI Trading

There have been speculations regarding the omission of the digital token XRP among the cryptocurrencies supported by the payment giant PayPal.

PayPal has recently announced the launch of crypto trading and payment for its eligible customers in the United States. However, this is selectively for four digital currencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

In order to make this happen, the payment behemoth PayPal partnered with the cryptocurrency exchange and stablecoin issuer, Paxos Trust Company.

Read Also: Crypto Trader Lists the Reasons Why XRP Price Will Never Attain 5 Figures

AI Trading

Paxos CEO Speaks About Why PayPal Boycotted Digital Assets Such As XRP

In a new interview on the Unclaimed Podcast, Charles Cascarilla, the co-founder and CEO of Paxos pointed out that the two firms (Paxos and PayPal) are looking up to the United States Securities and Exchange Commission (SEC) in decision making, which likely initiated the omission of the fourth-largest cryptocurrency by market cap, XRP.

Cascarilla noted:

“That’s what [PayPal was] looking for and that’s what we had. We actually have authority to be able to custody and trade additional tokens. We have Pax Gold, which is one of our tokens. We have Pax dollars.

So there are other products that we have that weren’t included in the crypto brokers launch. But in terms of pure cryptocurrencies, those are the four that we have that we’re listing on our exchange and really providing custody for.

We’re going to expand those as our customers need more products, but ultimately we want to be customer-driven. There’s a lot of questions as you start to get outside of those four or maybe a handful of others about whether they’re securities or not. And I think that’s always something that maybe creates a little bit of hesitation.

For instance, Bitcoin, Bitcoin Cash as a result, Litecoin, which are very similar, and Ethereum have essentially been grandfathered in by the SEC, Bitcoin explicitly and Ethereum explicitly. And once you start getting away from these top four, there are always a little bit of questions around them. Not just for us, but for the industry in general. So that’s something we need to be sensitive about.”

Read Also: A Top New York Financial Regulator Approves BTC, ETH, LTC, XRP and Others for Trading and Custody

Additionally, the New York State Department of Financial Services (NYDFS) has approved four more cryptocurrencies for trading, but XRP still remains excluded.

The new four assets added to those listed by PayPal are Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard (PAX).

Despite the fact that NYDFS allows companies to custody XRP, the Ripple’s digital token has not been cleared for sale and trade. So, PayPal may not support XRP anytime soon if the condition remains the same.

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.