Ripple & PayPal: Why PayPal Is Not Supporting Ripple’s XRP

United States – As the famous US global payment service PayPal has entered the world of cryptocurrency, many customers are asking why it does not accept Ripple’s XRP. Currently, PayPal accepts over 26 million merchants and the leading digital asset with the best mainstream exposure is Bitcoin.

Over 346 million PayPal users now have the option to use Bitcoin in trading. Despite Ripple’s recent growth, the company needs to catch up to receive recognition from PayPal.

Currently, PayPal users can only hold Bitcoin and Litecoin cryptocurrencies. However, they cannot transfer it to other accounts on and off PayPal. Many critics claim that the company will remain tight-lipped on the matter.

Crypto enthusiasts wonder why PayPal has skipped the fourth largest cryptocurrency now that it accepts other virtual currencies, such as Ethereum, Bitcoin Cash, Litecoin, and Bitcoin.

According to the latest interview, PayPal relies on the Securities and Exchange Commission (SEC) to determine which virtual assets to support. PayPal is looking for custody and trade additional tokens. Since the global payment service provider needs to expand more products to customers, they need to stay customer-driven, especially when it comes to security.

For instance, controversy circles around Ripple’s XRP after the US regulatory system consider the digital asset a threat to security. Unlike XRP, Bitcoin, Bitcoin Cash, Litecoi, and Ethereum have essential differences from XRP.

Will this restriction be relaxed in the future? According to some crypto critics, there’s a huge possibility that PayPal will support XRP in transactions and withdrawals anytime soon. The reaction of crypto enthusiasts has been mixed since some have publicly bashed PayPal for not giving users access to XRP.

In terms of services, PayPal and cryptocurrencies mirror features available on the rival platforms RobihHood and Square. These two companies are one of the most prominent advocates of cryptocurrencies.

In 2019, Square already supported cryptocurrency and allowed users to withdraw Bitcoins. Regarding RobinHood, its headquarters confirmed that they would soon send a green signal for Bitcoin withdrawals.

Fundamentally, Ripple’s XRP and PayPal sound more conflicting than its partnership with Bitcoin. Once Ripple gained recognition from PayPal, it can be a giant leap in Ripple breaking out of its niche. Despite many concerns, it appears that PayPal will only support XRP if it is considered a currency, not security, in the United States.

Many businesses have been somewhat anticipating PayPal’s approval of Ripple since many global banks are now using XRP for cross-border money transfers.

Ripple CEO: How the US Regulatory Uncertainty Affected Ripple

The United States – This 2020, Ripple has been poised with a challenging year. The company CEO Brad Garlinghouse shared that they are still considering leaving the US due to the United States’ strict regulations regarding XRP.

Countries like the United Kingdom, Japan, and Singapore have clear regulatory dynamics for digital assets, unlike in the United States. According to Garlinghouse, the US Regulatory system lacks cohesion and clarity.

The Ripple CEO also shared that in the US, crypto companies are competing with different regulatory environments. Some would say cryptocurrency is a commodity, while others will consider it as a virtual currency alone. However, many critics say XRP is connected to security. This claim makes it difficult for Ripple since it makes the regulatory confusing.

According to Garlinghouse, Ripple’s headquarters will stay in the US if it becomes clearer and solid. This way, they can continue to grow and invest in more businesses in the country. Currently, the US government is still not assuring to crypto businesses than Japan and the United Kingdom authorities. The US Regulatory uncertainly will affect Ripple since it is one of XRP’s strongest markets.

Nevertheless, countries like Japan, Singapore, and the United Kingdom give Ripple enough clarity about the firm’s safety. Also, Japan has Ripple’s major investor, namely SBI Group, one of the most prominent companies that utilize XRP for cross-border money transfers. Garlinghouse confirmed that they would soon relocate if the regulations will stay the same in the US. Ripple has many potential destinations since many governments have created assurance and clarity about how they will consider XRP.

Garlinghouse criticized the US regulators for being undecided on XRP, making it difficult for Ripple to operate better in the US. According to the CEO, the US regulation should not be a guessing game, where authorities cannot conclude cryptocurrencies as property, security, currency, or commodity.

In contrast, Asia countries are very clear about their stance on digital assets for over five years. Although Ripple resides in San Francisco, it still provides cross-border payment services for various financial partners worldwide. The company currently holds billions of dollars’ worth of XRP.

If the US government does not make any changes, digital assets like XRP can underperform, according to Garlinghouse. Unfortunately, Bitcoin is the only virtual currency with the hall pass. This situation creates an atmosphere where big banks might stop partnering with Ripple and stop using XRP-based ledgers.

Ripple Eyes Moving to London Over US New Regulation

London, United Kingdom – The $10 billion financial technology company, also known as Ripple, is considering a new location for its headquarters due to the United States’ new regulatory environment. Fortunately, many countries have provided support assurances, including countries in Asia and Europe.

According to the company’s CEO, Bard Garlinghouse, he already visited London last month, and he finds it more XRP-friendly than other cities. Besides that, the United Kingdom is a clear taxonomy, which is great news for Ripple. According to Garlinghouse, XRP will not act as a security but as a currency in London. With that clarity, London can be very advantageous for Ripple.

Aside from the United Kingdom, Garlinghouse revealed that they also put other countries, including Japan, Switzerland, Singapore, and the United Arab Emirates, under consideration. These nations give more potential for Ripple than in the United States.

For over five years, many Asian countries, especially Japan and Singapore, have been using cryptocurrencies. Unlike in the US, these countries allow cryptocurrency platforms to operate and don’t conduct strict digital assets regulations.

Currently, Ripple is based in San Francisco and provides various cross-border payment services for many companies and institutions. Since 2018, Ripple’s marketing, sales, and holdings have reached millions. Unfortunately, they have been put under the United States’ regulatory review for “potentially violating” security laws. However, Ripple confirmed that they want to avoid further regulatory disputes, pushing the company to consider relocation.

Among all the countries that Ripple consider, Japan and the United Kingdom are the top priorities. According to the Financial Instruments and Exchange Act, these countries do not consider virtual currencies as securities. This digital asset has been legalized in Japan as a payment form since 2017 under the Payment Services Act.

Furthermore, London works very closely with SBI Holdings. This city is one of Ripple’s fastest-growing markets, and Ripple is looking forward to discussing it with London’s leaders. Another aspect is its popularity in the United Kingdom. According to Garlinghouse, many crypto investors in London prefer XRP to any other digital asset.

Brad Garlinghouse has revealed tons of insights about the company’s relocation. This enterprise is no longer safe in the United States, and moving to London, where XRP is considered a currency, is crucial. Although Ripple is still legally fighting against investors that claim XRP is an illegal and unsafe platform, it is clear that the company will continue operating under a safer and more welcoming nation.

Flare Receives Crushing Responses from XRP Army for Free Altcoins

SAN FRANCISCO, California – Flare Network, a company that Ripple funded, states that receive 295 million XRP from XRP users to claim Spark altcoin. XRP users created XRPL accounts to get free Spark altcoins, which was the overwhelming answer that Flare got. Aside from that, the founder of XRP Labs discusses the company’s plans for security advancement.

Flare Networks shares that it obtained a response from the community of XRP after receiving 295 million XRP for a free token. This Ripple-funded company shared via tweet that a lot of XRP holders established their accounts in XRPL to get the free Spark altcoins.

The ecosystem of XRP responded to the blockchain company in massive action. There are over 5,400 accounts with 295 million XRP. These will get the free token, and it will happen in six days.

Ripple’s partner will provide XRP holders with a digital asset, a new one that will let them control smart agreements’ structures.

According to Hugo Philion, the chief executive of Flare Networks, the network is a new “Turning Complete Smart Contract” scheme, and it’s mixing the Ethereum Virtual Machine. This native digital asset came from XRP’s utility fork. The network also utilizes the encryption scheme of XRP, and it can simplify the practice of Flare and XRPL for XRP users.

Flare explains further that XRP depositors can still avail of the program for free Spark token.

According to the company, the approach of getting the free Spark altcoin is to prepare the “Message Key” part on the XRP Ledger’s address to the address of your Flare. If Ripple’s digital asset is at the supporting level, they can manage the claiming procedure and the distribution.

While Flare and Ripple enjoy the good news, XRP Labs has been busy establishing a security upgrade. The founder, Wietse Wind, stated that there are two security suggestions. These might face enactment as part of the Hooks’ changes, for XRPL or XRP Ledger.

The Twitter user, @consistentbenny, submitted a security application, and it might assist in stopping sharing the inventory of XRP and the addresses.

The XRP expert recommended that Wietse Wind, the XRPL Labs CEO, that there should be a blacklist feature for every XRP user in the digital wallet. Another proposal was the Xrpforensics, and it should be with the XUMM wallet.

Wind acknowledged both of the recommendations, yet it might be best to make both recommendations. It’s not only for XUMM but also to keep these in the XRPL. He preferred the “Hooks” amendment.

Wind stated that the “Hooks” changes are prolonging the digital asset’s functionality. Several developers don’t have the licenses for handling custody and plant. Also, he stated that the two ideas are within the changes in the Hooks. This change still functions, and the test will be in private.

Ripple’s XRP – Not a “Security” as per a US Congressman

MINNESOTA, The United States – Tom Emmer, United States, or a US Congressman, says Ripple is “not a security” during the Cryptocurrency Town Hall. As per Brad Garlinghouse, he didn’t deny the information regarding its company with Bank of America.

Tom Emmer hosted a “Cryptocurrency Town Hall” yesterday, an American representative from Minnesota. The event had aggregation with the Chamber of Digital Commerce’s PAC to fix the innovators together in the digital asset industry. Moreover, the event attendees included Jeremy Allaire, the CEO of Circle, Guy Hirsch, the CEO of eToro, Stephan Pair, and Chad Cascarilla, the co-founder of Paxi.

Emmer declared that he would acknowledge donations during his event. It’s for the customers to complain in digital asset-form through BitPay. Also, he explained that the US Congress would leave any digital asset behind. It will promote both cryptocurrency and blockchain technology too.

Emmer stated to Ripple’s XRP that he’s not a “security.” He called the US congress, along with SEC or Securities and Exchange Commission (SEC).

As per his team, they removed the path from Silk Road.

With the ongoing even, Brad Garlinghouse, the CE of Ripple, also replied several questions in the comments part. They can leave a note during the events, and the company asked several problems in the online even’s comment area. These questions make provocative statements. A community member asked the CEO of Ripple, he didn’t deny the news, yet he provided an answer.

As per Garlinghouse, he can’t deny or confirm the said question.

David Schwartz, the CTO of Ripple, observed the response, which ramblingly confirmed the rumour.

Garlinghouse observed improvements in the application of SBI Ripple Asia for XRP’s ODL or On-demand Liquidity. As per CNF, the shared business between Ripple and SBI Holdings is presently checking ODL. The joint plans to proceed in the production and the CEO is optimistic.

Also, the CEO of Ripple provided a declaration on Flare Network, and he permits the implementation of smart contracts, which are on the XRP Ledger. It might allow the XRP Ledger to gain access to its DeFi segment.

On the downside, cryptocurrency scammers got 2.5 million XRP from YouTube. This year became the year for hackers to take control of social media accounts. These fraudsters used YouTube, and it’s under a Brazilian YouTube channel with 2.43 million subscribers.

UniversoCurioso, David Damasceno, explained that hackers got access to his account on YouTube. They shared live-streamed vids with false information regarding the fake giveaway scam amounting to 100 million XRP.

The scam asked users to transfer 2,000 to 150,000 XRP to a virtual wallet address. The scam promised these users to receive a twofold-return. The strategy was similar to the previous Twitter hacks.

Damasceno introduced the YouTube channel three years ago, and it utilizes the scheme to deliberate popular science, theories, and history about aliens.

This incident is not a new thing for XRP because Ripple experiences it back some months ago after filing a lawsuit over YouTube for the video-sharing platform.