Switzerland-based secured messaging giant, ProtonMail, has not sold all the Bitcoins its has been collecting since it adopted cryptocurrency in 2014, the firm confirmed on Twitter, putting it straight that it adopted Bitcoin due to a stiff measure put in place by PayPal.
The secured email giant said it has not sold all the Bitcoins it accepted as payment for its premium services since it adopted cryptocurrency as a means of payment.
ProtonMail responded to one of its customers saddened for paying the email service provider in cryptocurrency when he was supposed to be holding the asset.
ProtonMail responded that the customer should not worry since it is helping them to keep the asset for the longterm.
‘No worries, we will HODL for you’
PayPal Forced ProtonMail Adopt Bitcoin
During the Twitter conversation, ProtonMail revealed it was forced to adopt Bitcoin when PayPal started to put in place stiff payment security measures. At first, a Twitter user demanded that ProtonMail show evidence it still keeps its Bitcoin, but the firm declined.
“That would require disclosing too much information which is not optimal for security,” ProtonMail.
The firm then said that it has been accepting Bitcoin since 2014, and the digital asset played an important role in the progress of ProtonMail when PayPal attempted to freeze the firm out.
PayPal says it froze the account after perceiving illegalities in the service of the startup.
PayPal demanded to know whether ProtonMail was being approved by government due to the kind of service it offers to people.
At the time of the closure, ProtonMail was still running an Indiegogo crowdfunding campaign and secured around $285,000 in funding.
During the crowdfunding campaign, ProtonMail raised over $500,000 in funding as against its initial goal of $100,000.
After receiving the fund, PayPal froze the account without any notification. PayPal afterward said the account would remain closed until further notice.
During the conversation between ProtonMail and PayPal, the latter “questioned whether ProtonMail is legal,” and “had government approval to encrypt emails.”
Although the account was latter restored, the problem prompted ProtonMail to adopt cryptocurrency. In the same line, ProtonMail also accept Bitcoin donations. Nothing less than 200 BTC have been donated to the firm since.
That would require disclosing too much information which is not optimal for security. We have been accepting BTC since 2014 and it played an important role early on when PayPal tried to cut us off: https://t.co/SjF9QGZtdb
— ProtonMail (@ProtonMail) November 17, 2019
The Swiss-based end-to-end encryption email service provided was developed by MIT, Harvard and CERN researchers.
Pornhub Adopts Cryptocurrency Verge Due to PayPal Issue
PalPal is freezing businesses out of its services. Last week, Pornhub revealed PayPal has fenced out its models, and the firm has been unable to pay over hundred of thousands of them in recent time.
The adult education site then informed its models to select Verge cryptocurrency or other available means on their platform as a means of payment.
PayPal Gives Ripple’s David Schwartz Lifetime Ban
Also Ripple Chief Technical Officer, David Shwartz, has said he has been banned by PayPal for life. The programmer said PayPal mistook him for someone who might have committed a serious financial offense.
Since then, he had been given a lifetime ban, and this pushed him to work on cryptocurrency XRP.
I had to get someone else to pay my tour guide for me today and I paid them back in cash. They only take @PayPal and I have a lifetime ban. This perfectly symbolizes what has motivated me the past 8 years.
— David Schwartz (@JoelKatz) November 14, 2019