PayPal denies support for SHIB token after confusion caused by tweet

Reports circulating on social networks claiming that PayPal is set to add support for the SHIB meme token have been denied by the company’s customer support service.

The rumors started when Shiba Inu, a cryptocurrency influencer who goes by the pseudonym AdRock on Twitter, asked a PayPal account whether the platform accepts SHIB tokens as payment. In response, PayPal support jokingly suggested that AdRock’s Shiba Inu friend should contact him to discuss the possibility of accepting payments.

This caused a stir in the Shiba Inu community, as many interpreted the message as a sign that PayPal was ready to accept SHIB payments. However, PayPal has since clarified that this is not the case.

After the recent incident, PayPal’s representatives have issued a statement to address the confusion that arose from a misunderstanding between a customer support specialist and a client. According to the payment system’s representatives, PayPal does not accept SHIBA and regrets any confusion caused.

In the United States, PayPal customers can only trade, purchase and hold four cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

To rectify the issue and offer further assistance, PayPal encourages any affected customers to reach out via direct message with their email address. Once again, PayPal apologizes for any inconvenience caused and assures customers of their continued commitment to providing reliable and secure payment services.

It’s worth noting that PayPal made its entry into the digital asset market during the autumn of 2020. As of December 2022, the payment services provider revealed that it had obtained regulatory approval to offer cryptocurrency services in Luxembourg. However, recent events have seen a notable decline in the volume of crypto assets that clients hold in their PayPal accounts. Specifically, the collapse of the FTX marketplace has been a significant factor contributing to this reduction. Despite these challenges, PayPal remains committed to providing its clients with reliable and secure cryptocurrency services.