PayPal’s Upcoming Cryptocurrency Hub

With the introduction of PayPal’s new stable coin, they are also planning to roll out an exchange “hub” of their own in the near future.

From PayPal “If you establish and access the Cryptocurrencies Hub, you will be able to hold a Crypto Asset balance, and buy, sell, receive, and send Crypto Assets, including in transactions where the proceeds from a sale of Crypto Assets will be used to pay for purchases through PayPal, and to convert between PYUSD and another Crypto Asset.”

More large companies taking notice and starting to align themselves with crypto with longterm plans. Visa recently launched an option to pay gas fees off the blockchain, PayPal has been stepping up their crypto game. As a simple exchange for small amounts, I’ve found it very useful and less expensive than som CEX’s.

Although this may not be a huge groundbreaking advance in the space, it does show the eyes on crypto and that major financial companies and institutions are adding crypto to their revenue streams as to not being left behind.

Has to be good for adoption going forward. And it allows people that are still not knowledgeable to access crypto through a familiar platform. I have a friend who’s been buying little bits of ETH and keeping it in PayPal. I know, not your keys, not your crypto, but this is someone who would have zero crypto or time to research and get into it, but can just buy bits on PayPal and see what happens. I can see that onboarding a lot of people. Probably opening the door for a ton of new scams and hacks, but onboarding none the less.