• Vikrant Mehra

On PayPal and crypto

PayPal just declared the strongest Q1 results in its history, less than 6 months after announcing plans to introduce crypto services.

As it stands, customers in the US can buy, sell and hold four different cryptos - Bitcoin, Ether, Litecoin and Bitcoin Cash.

It's a big win for crypto, and the celebrations are well-earned. PayPal's network alone is more than 340mn users compared to 32mn Bitcoin addresses. How often can you say your network grows 10x at this scale?

But there's a catch. You can't withdraw your crypto to an independent wallet. Instead, you're asked to sell your holdings and withdraw the amount in fiat. So you're pretty much backed into HODLing on PayPal, or cashing out completely.

As most crypto investors will tell you - not your keys, not your crypto. Possession is nine-tenths of the law, after all.

Either way, the company's books are secure. But you as an individual are still at the mercy of a centralised entity.

So what changed? I'd love to hear your thoughts.

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