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PayPal’s Crypto Gamble pissed-off Ripple CEO

Following a massive move, not everybody seems to be happy with PayPal’s resolution to gamble into the crypto market. Ripple CEO Brad Garlinghouse had tweeted calling out the payment giant’s transport into crypto, he also said that he was disappointed by Paypal’s forthcoming crypto integration and he assumed that it will spur the benefits of the crypto as an asset:

“2 steps forward, 1 step back…Great to see a payment pioneer leaning in, BUT disappointing some fundamental tenets/benefits of crypto are spurned.”

PayPal now has about $350M active accounts with $220B amount of payments that were processed in the 2nd quarter of 2020. It had been announced earlier that the users will be allowed to buy and sell BTC, ETH, LTC, along with other cryptocurrencies. Unfortunately, PayPal hadn’t added Ripple’s XRP to the list of reinforced crypto on the network.

As it was previously reported, PayPal didn’t provide their users with a private key to the aforesaid crypto that was held on its network. Actually, users can only hold their own crypto in their PayPal accounts but won’t be able to transfer it to other accounts whether it is or not on PayPal.

“You can only hold the Cryptocurrency that you buy on PayPal in your account. Additionally, the Cryptocurrency in your account cannot be transferred to other accounts on or off PayPal”

It was something that Garlinghouse picked on and then suspected that Paypal’s choice to forbid the transfers since there was “regulatory uncertainty” in the US. Ripple CEO stated in a tweet:

“I suspect PayPal is concerned about the (wait for it…) regulatory uncertainty, impacting its roll-out on a number of levels.”

Garlinghouse voiced earlier his disappointments with the US regulations and cryptocurrencies and then endangered to transfer Ripple outside the country to other crypto-friendly nations. Regarding that issue, a Twitter stated that the CEO was considering for excuses and reasons blaming why XRP isn’t added:

“Regulatory uncertainty hasn’t held back BTC, ETH, LTC & others; but let us blame the USA Gov because they control the “fate” of only XRP, a global decentralized asset, but not other crypto assets; just XRP”

Some users ring in with comparable views:

In the meantime, a user asked if PayPal saw Ripple as a participant and didn’t want to add fluidity for XRP.

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