Bitcoin Is Good for PayPal, but Is PayPal Good for Bitcoin?

By November 5, 2020Bitcoin Business
Click here to view original web page at finance.yahoo.com

Numbers go up! You only live once.

That’s two crypto memes to describe how the crypto industry celebrated PayPal’s announcement that, from 2021 onwards, it will enable its 345 million customers worldwide to buy and sell bitcoin and other currencies from their accounts.

Ajit Tripathi, a CoinDesk columnist, is the crypto co-host of the Breaking Banks Europe podcast. Previously, he served as a Fintech Partner at ConsenSys and was a co-founder of PwC’s U.K. Blockchain Practice.

Shortly thereafter, crypto euphoria hit new heights when Southeast Asia’s largest bank, DBS, announced plans to launch a full-fledged crypto exchange. The announcement was later removed by the bank, but the crypto community had found enough reasons already to take bitcoin from $10,000 to $14,000 in two weeks.

DBS’ announcement was certainly more surprising for everyone because it referred to the service as a crypto exchange. Unlike Revolut’s crypto trading app which allows Revolut to trade principal for their customers and offset the risk on crypto exchanges making a margin in the process, DBS’ announcement referred to an exchange rather than an app or a feature. Since I witnessed first hand a different high street banks’ unwillingness to give Coinbase a bank account in 2017, the news (albeit retracted) was as emotional as it gets in a professional sense.

Good for bitcoin?

Commentators on both the pro-coin and no-coin side were skeptical of PayPal’s baby steps. Believers are disappointed that PayPal’s customers can move crypto only inside PayPal’s network (you can’t withdraw or deposit your bitcoin). Skeptics are unsure if PayPal’s crypto integration gave anything truly new to the customers’ payments experience. Some acknowledged that a giant like PayPal could only ever take baby steps and allowing crypto withdrawals from the PayPal network was always going to be too risky from an AML standpoint.

That’s two crypto memes to describe how the crypto industry celebrated PayPal’s announcement that , from 2021 onwards, it will enable its 345 […]

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