PayPal, Epik terminate partnership

Monday 26 October 2020 14:39 CET | News

PayPal has cut ties with US-based Epik over financial risk issues and problems reportedly associated with Epik's digital coin services.

In a series of open letters posted by Epik (a domain registration and hosting services) in response, the company cited service risk as the reason given by PayPal to withdraw its support. While PayPal regrets the ‘inconvenience caused’, the epayments service said that the decision is final, and there will be no appeals to it.

The problem appears to lie within Epik's Masterbucks cryptocurrency, which can be purchased, converted into fiat currency including US dollars, or used to purchase domain services. The coin has not been processed through the appropriate legal steps and while PayPal attempted to sort out the situation a month ago, no agreement has been reached. 

In an open letter to PayPal executives, Epik said the decision "simply defies logic". Masterbucks has not been mentioned in the published correspondence. 

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Keywords: PayPal, Epik, partnership, cryptocurrency, US, Masterbucks
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: United States
This article is part of category

Blockchain & Cryptocurrencies