PayPal yanked RealT’s access to its payments platform and the company couldn’t be happier
A US tokenized real estate platform no longer feels bad about the ban it received from PayPal in April. RealT turned into a cryptocurrency-only platform and it has been reporting record-breaking sales since then. This innovative platform works with Ethereum (ETH) and is dedicated to selling properties in the US, allowing users from across the globe to participate in the ownership of one of these properties for as little as $50.
Before PayPal issued the ban on RealT, around 62% of purchases were made through the payments solution. During the time RealT worked with PayPal, over $800,000 in transactions were recorded, and only four disputes were raised by consumers, which are worth $600 – not even 1% of the total. Last month, users started to report issues with making PayPal payments on the site and, a few weeks later, the giant payment service issued a letter with an explanation. The letter stated that RealT was going to be banned “due to excessive risk,” and it added that the decision was not up for an appeal.
“After having conducted a review of your account. PayPal has determined that we will no longer provide our services to you due to excessive risk. A business decision has been made to no longer process transactions on your behalf,” said the letter from PayPal. “This is not a decision we make lightly, and we deeply regret any inconvenience or frustration this matter may cause you. This matter has been reviewed at length, and the decision is final.”
Although an unfortunate event, it was not bad news for RealT whatsoever, “This unfortunate event actually resulted in an extremely value-able experiment for us, that really changed the moral of the company, during what would otherwise be a critical event,” said the company in its Twitter account. “We were forced into the experiment of “Can a business survive on crypto alone?” It clearly can.