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Cryptocurrency

List of Cryptos you can buy and sell on PayPal

PayPal allows its millions of users in the US to purchase sell and store Ethereum, Bitcoin Cash, Bitcoin and Litecoin.

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It’s no longer news that the world’s payment juggernaut, Paypal is allowing its users buy and sell cryptos

What is news now is that PayPal has linked up with the crypto exchange and stablecoin issuer, Paxos Trust Company to allow its millions of users in the US to purchase, sell and store Ethereum (ETH), Bitcoin Cash (BCH) Bitcoin (BTC), and Litecoin (LTC).

READ: Crypto exchanges stop Ethereum withdrawals

READ: Crypto millionaire carts away with $224 million worth of Bitcoin

What this means: In a recent interview on Unchained Podcast, Paxos CEO and co-founder Charles Cascarilla disclosed reasons why for now the payment juggernaut, PayPal can only trade with such cryptos.

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“That’s what [PayPal was] looking for and that’s what we had. We actually have the authority to be able to custody and trade additional tokens. We have Pax Gold, which is one of our tokens. We have Pax dollars. So there are other products that we have that weren’t included in the crypto brokers launch. But in terms of pure cryptocurrencies, those are the four that we have that we’re listing on our exchange and really providing custody for.

READ: Paypal drops out of partnership with Facebook’s Libra 

READ: Why buying Bitcoin now looks like investing in Google, Apple, Facebook 10years ago

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“For instance, Bitcoin, Bitcoin Cash, as a result, Litecoin, which are very similar, and Ethereum have essentially been grandfathered in by the SEC, Bitcoin explicitly and Ethereum explicitly. And once you start getting away from these top four, there are always a few questions around them. Not just for us, but for the industry in general. So that’s something we need to be sensitive about.”

READ: Cryptos: Nigerian financial experts talk risks associated with trading digital assets

Recall Nairametrics, a few days ago reported that PayPal is now allowing U.S residents to purchase, sell, and keep cryptos. Although the crypto service PayPal was set to launch in early 2021, however, based on high demand and sign-ups to such service, PayPal has decided to allow eligible U.S. PayPal clients to buy, sell and hold cryptos.

READ: 82% of Ethereum investors are in profit

A PayPal spokesperson stated, “Due to the initial demand from our customers, we’ve also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week.”

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READ: Crypto: Alpha Finance gains 400% in 10 days, supported by a big bank

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Featured Financial Market Analysis for a Fortune Global 500 Company. Member of the Chartered Financial Analyst Society. Follow Olumide on Twitter @tokunboadesina or email [email protected]

1 Comment

1 Comment

  1. Awofade

    November 19, 2020 at 10:16 am

    How can we have PayPal that can recieved and send in nigeria?

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Cryptocurrency

Ripple suffers highest day percentage loss since September 3

Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT)  down 10.29% on the day.

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Crypto owners robbed of 1,150,000 XRP, Ripple owners say XRP will be worth $100, XRP losing steam as BTC & ETH gain investors' funds

In line with the law of gravity, what goes up must come down at one point in time. Ripple the third most valuable crypto by market value has suffered its largest one-day percentage loss since September 3.

  • Ripple’s crypto-asset, XRP was trading at $0.62215 by 00:01 (05:01 GMT), down 10.29% on the day.
  • The move downwards pushed XRP’s market cap down to $28.6 Billion or 5.08% of the total cryptocurrency market cap.
  • At its highest point in 2017, XRP’s market capitalization was $31.58 Billion.
  • XRP had traded in a range of $0.62057 to $0.70711 in the previous twenty-four hours

That said, the bullish run presently in play is largely attributed to Ripple’s most recent earning reports, disclosing it purchased a large quantity of XRP coin worth $45.5 million in Q3 2020, as part of its efforts to support the crypto market.

What you should know

Ripple’s XRP is often tagged as the “remittance network” and currency exchange that independent servers authenticate. The currency traded is known as XRP and transfer times are super fast.

Ripple (XRP) plays dual roles as a payment platform and a currency. The platform is an open-source platform that was created to allow quick and cheap transactions.

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Cryptocurrency

Big investors prepare to offload some Bitcoins

Ki Young Ju recently warned on the high influx of Bitcoin holders moving a significant portion of their BTC holdings.

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A well-revered crypto strategist and Chief Executive Officer of Crypto Quant, Ki Young Ju, recently warned on the high influx of big-time Bitcoin holders moving a significant portion of their BTC holdings to a well-known crypto exchange, Coinbase, obviously to cash out, amid the bullish trend currently in play.

  • At the time of writing this report, Bitcoin traded at $18,813.28 with a daily trading volume of $50 Billion.
  • BTC price is up 2.5% in the last 24 hours. It has a circulating supply of 19 Million coins and a max supply of 21 Million coins.

The Head of the blockchain intelligence platform further anticipated the likelihood for Bitcoin to go through a period of correction as more investors deposit their BTC on Coinbase.

Too many BTC whales on Coinbase. I’m still long-term bullish, but we might face some corrections or sideways until whales become inactive on spot exchanges.

“Exchange Whale Ratio is the relative size of the top 10 inflows to total inflows. Historical data for Coinbase Whale Ratio. When whales are active (over 90%) on Coinbase, the BTC price will likely be going sideways or bearish.”

However, the top crypto strategist, Willy Woo, warned that the presence of whales in exchanges was no longer a strong indicator of a market sell-off.

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“It used to be that peaks in destruction or dormancy would be a bad sign for the market as old coins have more experienced masters, thus smarter money; this would predict a price drop. These days not always, OG whales also sell bottoms. Smarter money has arrived.”

Bottom line

Taking into consideration the bullish trend currently in play at the world’s flagship crypto market, Nairametrics’ view on Bitcoin remains bullish at least for the mid-term. However, the price needs to cool off at least temporarily, but the timing of such consolidation is pretty unknown, as it could be only for a few days or a protracted consolidation for another week or even longer is hard to tell right now.

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Cryptocurrency

Ripple adds Bank of America to payment network

Ripple on its recently updated website disclosed that a leading American bank is now on its payment network, RippleNet.

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ripple cryptocurrency, XRP

Ripple on its recently updated website disclosed that a leading American bank, Bank of America is now on its payment network RippleNet, known for the startup’s global payment network of banks and leading financial institutions and arch-rival of the SWIFT network.

The fast-growing fintech company gave insights into its growing membership of leading financial firms using its payment network

“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions…

“It creates a community, regionally and globally, where members can learn and share insights and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”

What you must know: RippleNet is a network of institutional payment-providers that include banks and payment providers that use solutions developed by Ripple to provide a seamless experience to send money worldwide.

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  • RippleNet uses a leverage of cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
  • It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product, is available in the US, Mexico, Europe, the Philippines, and Australia.

Recall that some weeks ago, Nairametrics released reports on how Ripple, the fast-growing fintech juggernaut and owner of XRP, disclosed that its global payments network, RippleNet, was already live in 55 countries including Nigeria, with XRP remittances live in five continents.

RippleNet also stated that its service offerings were available in 95 currency pairs, according to the fintech’s redesigned website

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