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It is no longer a novelty that Paypal, the global payment giant, allows its users to buy and sell cryptocurrencies
The news now is that PayPal has linked up with cryptocurrency exchange and stablecoin issuer, Paxos Trust Company, to enable its millions of users in the United States to buy, sell and store Ethereum (ETH), Bitcoin Cash ( BCH) Bitcoin (BTC) and Litecoin (LTC).
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What does it mean: In a recent interview on Unchained Podcast, Paxos CEO and co-founder Charles Cascarilla revealed the reasons why for now the payment giant, PayPal can only trade in such cryptocurrencies.
“This is what [PayPal was] looking for and that’s what we had. We actually have the authority to be able to hold and exchange additional tokens. We have Pax Gold, which is one of our tokens. We have Pax dollars. So there are other products we have that weren’t included in the crypto broker launch. But in terms of pure cryptocurrencies, those are the four we have that we are listing on our exchange and that really provide custody.
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“For example, Bitcoin, Bitcoin Cash, consequently, Litecoin, which are very similar, and Ethereum were essentially adopted by the SEC, Bitcoin explicitly and Ethereum explicitly. And once you start walking away from these first four, there are always some questions around them. Not just for us, but for the industry in general. So it’s something we need to be sensitive about. “
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Recall Nairametrics, a few days ago reported that PayPal now allows US residents to buy, sell and hold cryptocurrencies. Although the PayPal encryption service was launched in early 2021, however, based on the high demand and subscriptions to that service, PayPal has decided to allow eligible US PayPal customers to buy, sell and hold cryptocurrencies.
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A PayPal spokesperson said: “Due to initial demand from our customers, we have also increased our weekly cryptocurrency purchase limit from $ 10,000 / week to $ 20,000 / week. “
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