PayPal decides not to support XRP. here’s why

There has been speculation about the omission of the XRP digital token among the cryptocurrencies supported by payment giant PayPal.

PayPal 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).

To do this, the payment giant PayPal has teamed up with the cryptocurrency exchange and stablecoin issuer, Paxos Trust Company.

Also Read: Crypto Trader Lists Reasons Why XRP Price Will Never Reach 5 Digits

Paxos CEO explains why PayPal boycotted digital assets like XRP

In a new interview on the unclaimed podcast, Charles Cascarilla, co-founder and CEO of Paxos, pointed out that both companies (Paxos and PayPal) look to the United States Securities and Exchange Commission (SEC) in decision-making , which probably caused the omission of the fourth largest cryptocurrency by market cap, XRP.

Cascarilla noted:

“That’s what [PayPal was] search and that’s what we had. We actually have the power to keep and redeem 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 were not included in the launch of crypto brokers. But in terms of pure cryptocurrencies, these are the four that we have that we list on our exchange and are really on guard.

We will expand them as our customers need more products, but at the end of the day we want to be customer-centric. There are a lot of questions as you start to come out of these four or maybe a few more as to whether these are titles or not. And I think it’s always something that maybe creates a bit of hesitation.

For example, Bitcoin, Bitcoin Cash accordingly, Litecoin, which are very similar, and Ethereum were basically acquired by the SEC, Bitcoin explicitly, and Ethereum explicitly. And once you start stepping away from those first four, there’s always a bit of questioning around them. Not just for us, but for the industry in general. So this is something we have to be sensitive to. “

Also Read: 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 other cryptocurrencies for trading, but XRP is still ruled out.

The four new 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 keep XRP, 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.