[ad_1]
It seems not everyone from the crypto community has warmed up PayPalThe decision to venture into the cryptocurrency market. In a tweet recalling the move of the payment giant to cryptocurrencies, Ripple CEO Brad Garlinghouse She said was disappointed with Paypal’s upcoming crypto integration as he believed this would spur the benefits of encryption as an asset:
2 steps forward, 1 step back … Great to see a payments pioneer leaning on, BUT disappointing some fundamental principles / benefits of crypto are rejected.
No keys and no withdrawals
PayPal has approximately $ 350 million in active accounts with $ 220 billion in payments being processed during the second quarter of 2020. It previously announced today that it would allow its users to buy and sell BTC, ETH, LTC and other cryptocurrencies. However, PayPal has not yet added Ripple’s XRP to the list of supported cryptocurrencies on its network.
The news, however, got Twitter excited, which was quick to correlate the event with BTC’s price hike up to a maximum of $ 12,500 +.
However, so have others noticed, PayPal will not provide its users with a private key for the aforementioned cryptocurrency stored on its network. In fact, users can only keep their cryptocurrencies in their PayPal accounts and will not be able to transfer them to other accounts on or off PayPal.
You can only keep the cryptocurrency you buy on PayPal in your account. Also, the cryptocurrency in your account cannot be transferred to other accounts on or off PayPal
Image source: The Ledger
This was something Garlinghouse chose and he suspected Paypal’s decision not to allow transfers was due to “regulatory uncertainty” in the United States. Ripple’s CEO said in a tweet:
I suspect PayPal is concerned about the regulatory uncertainty (wait for it …), which affects its launch on several levels.
Garlinghouse had done it before expressed his disappointment with US cryptocurrency regulations and even threatened to move Ripple out of the country to other crypto-friendly nations. To which, a Twitter user She said that the CEO was looking for excuses and reasons to blame why XRP wasn’t added:
Regulatory uncertainty hasn’t held back BTC, ETH, LTC and others; but we blame the US government for controlling the “fate” of only XRP, a global decentralized resource, but not other crypto assets; XRP only
Other users intervene with similar views:
Once again, the third largest cryptocurrency on the market has been bypassed by the large fintech company PayPal.
And PayPal offers old first generation cryptocurrencies.
Because?
– XRP_Cro (@stedas) 21 October 2020
Meanwhile a user asked if PayPal saw Ripple as a competitor and didn’t want to add liquidity to XRP.
[ad_2]Source link
