Cascarilla, CEO of the technology company Paxos, which offers blockchain solutions, made a statement about their cooperation with PayPal, which recently entered the crypto money market. Cascarilla explained the factor that helped PayPal become a company that provides liquidity and explained why the giant financial company PayPal works with four cryptocurrencies.
Charles Cascarilla made statements about the cooperation between the blockchain company Paxos, of which he is CEO, and the giant financial firm PayPal. Speaking to a podcast called Unconfirmed, Cascarilla associated Paxos’ collaboration with PayPal as a platform that was regulated from the ground up.
“PayPal got permission for these cryptocurrencies”
PayPal is one of the most well-known companies in the financial industry. The giant company has empowered users in the United States to trade with cryptocurrencies in recent months. With this move, PayPal managed to shake the crypto money markets, which attracted a lot of attention. After this innovation, Paypal seems to be in cooperation with various companies offering blockchain solutions.
Among them, Paxos is a new company established in 2012. In his podcast, Paxos CEO Cascarilla made a statement about why only four cryptocurrencies can be traded on PayPal:
“Transactions can be made with Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) using PayPal. The reason for this is that the necessary legal permissions have been obtained from the US Securities and Exchange Commission for these four cryptocurrencies. ”
Cascarilla also underlined that the market is relatively small, with the exception of the top 10 major cryptocurrencies. If PayPal wants to expand its cryptocurrency range, it needs to get liquidity support from Paxos for them as well. Additionally, PayPal may collaborate with a different provider.