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Cryptocurrency enthusiasts wondering why PayPal skipped the fourth largest cryptocurrency by market cap, XRP, are getting some answers.
PayPal has partnered with cryptocurrency exchange and stablecoin issuer Paxos Trust Company to enable its millions of users in the United States to buy, sell and store Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
In a new interview on Unchained Podcast, Paxos CEO and co-founder Charles Cascarilla says the two companies are, in part, looking to the Securities and Exchange Commission (SEC) to determine which assets to support.
“This is what [PayPal was] looking for and that’s what we had. We actually have the authority to be able to hold and trade 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.
We will expand them as our customers need more products, but ultimately we want to be customer driven. There are a lot of questions when you start coming out of those four or maybe a handful of others as to whether they are headlines or not. And I think it’s always something that maybe creates a bit of hesitation.
For example, Bitcoin, Bitcoin Cash as a result, Litecoin, which are very similar, and Ethereum were essentially adopted by the SEC, Bitcoin explicitly and Ethereum explicitly. And once you start moving away from these first four, there are always a few questions around them. Not just for us, but for the industry in general. So it’s something we need to be sensitive about. “
In addition to the four assets offered by PayPal, the New York State Department of Financial Services (NYDFS), where Paxos is based, has also approved four other crypto assets for trading.
The eight officially approved assets for trading are Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard (PAX).
Although the NYDFS allows companies to hold XRP, the business has not yet been authorized for sale and trade. Until that happens, it seems unlikely that XRP will be offered through PayPal anytime soon.
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Disclaimer: Opinions expressed in The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that transfers and trading are at your own risk and any losses you may incur are your own responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock / NextMarsMedia
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