Several Paypal investors were worried about why XRP, as one of the more considerable digital assets, did not get included in the cryptocurrency offering? Someone who tried to make fun of the situation stated that Garlinghouse keeps dumping it.
Intelligent investors opine that PayPal would not assist XRP liquidity as its direct competition in cross border payment. Yet another hilarious outlook by an investor who seemed not to have gotten enough returns from XRP stated: “because it is a stable coin.”
Making practical sense out of why PayPal did not accept XRP, it has been assumed that XRP is for international cross-border transfers. Maybe it might replace things like CHAPS; but, it won’t be a merchant model and retail purchase method.
Users also took to blame eBay, because they want to stick with the old gramps with a very slow transaction and have substantial transaction fees.
In this regard, Sydney Ifergan, the crypto expert, tweeted: “Ripple (XRP) probably are looking to rule and dominate the cross-border payments stuff all by themselves. Maybe they don’t need PayPal.”
XRP Demystifying PayPal Support
Breaking all these gossips and assumptions, someone by screen name Daniel Ribar tried to clearly state that we need to stop Fear, Uncertainty, and Doubt and learn about why PayPal did not choose XRP.
He pointed to a snapshot taken from the New York State Department of Financial Services’ official website. He reinstated on how to be able to work in large volume safely and in compliance – “there are multiple paths virtual currency businesses can take to adopt or list virtual currencies:”
The snapshot lists coins approved for custody and names: Binance USD (BUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic (ETC), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Pax Gold (PAXG), Paxos Standard (PAX), and Ripple (XRP).
The snapshot lists coins approved for listing: Binance USD (BUSD), Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Gemini Dollar (GUSD), Litecoin (LTC), Pax Gold (PAXG), Paxos Standard (PAX).
The user also pointed to an infographic that spoke about whether the DFS-Regulated Entity has a DFS-approved coin-listing policy? If yes, the Entity may self-certify the coin for specific uses/Entity may seek forms DFS One-Off approval for specific use(s). Further, having three entities self-certify gotten one-off DFS approval makes the coin eligible for the green list.
Also, PayPal’s first options are those on the green-list. Unfortunately, Cardano and many others aren’t shortlisted yet. It will take diligent work on lobbying from Cardano Community and specifically F_Gregaard and CardanoStiftung to help push the adoption through.
So, XRP not getting supported by PayPal probably has something to do with the Green List.
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