Thread by @martincpvalk, 1/10Looked into #Paypal's access to #cryptocurrencies, as a lot of people in [...]

1/10

Looked into #Paypal's access to #cryptocurrencies, as a lot of people in the #xrpcommunity were giving out about them not including #XRP

Would appreciate critical thinkers to give their opinion: @HamEggsnSam @galgitron @XRP_OWL @Kevin_Cage_ @MoonLamboio @WorkingMoneyCH

2/10

#Paypal made the #crypto announcement yesterday: https://twitter.com/PayPalNews/status/1318921923611529217?s=20

https://twitter.com/PayPalNews/status/1318921923611529217?s=20

3/10

Here is the @Reuters article:

https://www.reuters.com/article/us-paypal-cryptocurrency/paypal-to-allow-cryptocurrency-buying-selling-and-shopping-on-its-network-idUSKBN2761L6

2 quotes from the bottom of the article:

"cryptocurrency licence from the New York State Department of Financial Services"

"PayPal is teaming up with cryptocurrency firm Paxos Trust Company to offer the service."

4/10

Let's take a look at @PaxosGlobal

Link: https://www.paxos.com/

5/10

Let's check out the Department of Financial Services ( @NYDFS)

Link: https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses/virtual_currencies

#XRP is approved for #Custody bot not for #Listing

6/10

#Custody:

"Custody refers to the holding of #assets on behalf of a client"

Link to the @binance academy: https://academy.binance.com/en/glossary/custody

Custody | Binance Academy

Custody | Definition: Refers to the holding of assets on behalf of a client. Can also refer to the ownership of one's funds or assets.

https://academy.binance.com/en/glossary/custody

7/10

#Listing

"When an exchange offers trading pairs for a particular asset, this action is known as “listing” the asset."

Link to the @binance academy: https://academy.binance.com/en/glossary/listing

Listing | Binance Academy

Listing | Definition: The addition of an asset to an exchange either as a request from the project team or as a decision made by the exchange.

https://academy.binance.com/en/glossary/listing

8/10

Quote from @CoinDesk article:

" #PayPal's service does not allow #bitcoin

or other #cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell."

Coindesk article as the source: https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency

PayPal Embraces Crypto, Igniting Market as Mainstream Adoption Inches Closer

PayPal officially confirmed Wednesday it is entering the cryptocurrency market. The payments giant, with 346 million active accounts around the world, pledged to make crypto “a funding source for...

https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency

9/10

As #PayPal will not allow you to deposit or withdraw #cryptocurrency this takes the custody only (wallet) option out of the picture. And as you have to buy the crypto it needs to be "listed".

10/10

As the York State Department of Financial Services ( @NYDFS) does not Allow #XRP to be listed, am I correct in thinking that #PayPal couldn't offer #XRP even if they wanted to?

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