- Charlie Shrem is an American entrepreneur, as well as a Bitcoin pioneer. He founded his own startup company named ‘BitInstant’ along with Gareth Nelson.
- In his recent tweet, Charlie revealed his sorrowful story with PayPal. Nine years ago, PayPal refused to work with him.
- Charlie’s tweet was a reaction to the news that PayPal would now allow the 320 million users to buy and sell cryptocurrencies more easily and securely.
Charlie Shrem, in his recent tweet, revealed his sorrowful story with PayPal. Nine years ago, PayPal refused to work with him. In his tweet, he attached an email that was apparently from PayPal, which read that, they only wish they could work with Charlie.
Just gonna leave this here, check out the date. pic.twitter.com/VWsxSAsdb9
— Charlie Shrem (@CharlieShrem) June 22, 2020
Charlie Shrem is an American entrepreneur, as well as a Bitcoin pioneer. He founded his own startup company named ‘BitInstant’ along with Gareth Nelson. As the name suggests, BitInstant allows easier and faster transfer of funds in just several seconds into your online exchange account without any delay. Charlie is also one of the founding members of the Bitcoin Foundation.
Paypal’s Decision to Support Cryptocurrency Transactions
Charlie’s tweet was a reaction to the news that PayPal would now allow the 320 million users to buy and sell cryptocurrencies more easily and securely. According to reports, PayPal and its affiliated platform will now support cryptocurrencies and enable users to trade in crypto directly.
However, the recent change in PayPal’s plan has made Charlie and many other users around the world think that this may be too late for this big move. Charlie’s ‘BitInstant’ was one of the very first exchanges in the world of Cryptocurrency. In 2013, 30% of all Bitcoin transactions took place in the exchange. He even introduced Bitcoin to the Winklevoss twins.
Collaboration with Coinbase and withdrawal from the Libra Association
In 2014, they had collaborated with Coinbase, which is another digital currency exchange. Last year, the CFO of PayPal announced that it has deployed teams to work on Blockchain and Cryptocurrency technologies and that they will take part in any form that it takes in the future. He thinks that this may be a little early for Bitcoin.
They were serious about it, when they became the first company to withdraw from the group of companies involved in Facebook led Cryptocurrency named ‘Libra’. However, at that time, PayPal gave no valid reason for its withdrawal. But shortly later, it was discovered that they were slowly getting on with Cryptocurrency.
Rival company Square Inc already introduced Bitcoin’s Services in 2018
Recently, PayPal with TRM Labs, which is an institution that helps financial institutions to fight money laundering, prevent scams and stay on track.
However, it does seem pretty late for PayPal to join the cryptocurrency market because of its known competition Square Inc. Square founded by the CEO of Twitter, Jack Dorsey, had introduced Bitcoin Services in early 2018. Consequently, Square had seen an increase in its revenue from Bitcoin sales.
However, we cannot say that PayPal’s stepping up into the Blockchain market is a bit late, because many analysts see this as a positive decision.