Let's be honest a vast majority of us hate paypal. In fact the stocks felt that pain for a good while constantly losing value until the massive bull run in 2019 with covid lock downs. However the price is now at levels it was back in 2017 showing that Paypal is struggling. With constant black listing of businesses, horrible terms and horrible service people ditched it for alternatives.
Now it seems like Paypal is trying to save face and recover and their target is the crypto community. It's funny how once businesses trash talked crypto are now running to it to essentially to try and save their business.
How It Started
Only a week ago I published a article about Paypals stablecoin introduction CBDC or Everyones Business Getting In in which highlights the roll out of Paypals stable coin PYUSD.
This was Paypals entry method into the crypto world and now we are starting to see more of a reason as to why that is.
What's Next
Paypal has unvailed a new "hub" in which they show will have crypto-inclusive features. The hub allows users to hold or store $BTC and a select few other crypto currencies within it.
When accessing the new Paypal hub users will be able to buy, sell, receive and send crypto. It's also reported that PYUSD will be able to be converted into other cryptocurrencies.
The Issues With This
Once again I'll say this... Not Your Keys, Not Your Crypto by showing balances within Paypals hub it's important to note that the user does not actully own that crypto it's held within Paypal and most likely is being used to collect APRs, staking rewards and so on while the user most likely will end up with nothing. It also puts your crypto at high risk. You'll also of course have high visibility on your crypto there and KYC for sure.
You can view the public Ethereum contract for paypal here https://etherscan.io/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e
should be interesting to watch these addresses and see how much activity goes on. What's really wild is we have finally come to the realization to be able to look into companies transactions and movement by directly looking at a blockchain open ledger. At least that's a step in the right direction in all of this mess.
DEFI
As much as you might not think it is DeFi is actully growing and highly increasing in demand. It's just that it's much more spread out now compared to where it once was. I almost feel like we will have a push towards a reduction here soon where people go to more trusted businesses instead of fly by night cookie cutter defi scripts we saw in 2020.
These DeFi platforms will most likely only be paired up with Paypals stablecoin PYUSD which should be interesting to see how that turns out.
Polotics
At the good old politics of which people are honestly tired of.(at least the smart ones while the sheep continue to waste their lives away yelling and fighting over it lol)
Our wonderful (sarcastic btw) 84 year old fart of a congresswoman Maxine Waters expressed concern about Paypal launching their own stablecoin while there is still no Federal framework or regulation. Well Maxine people and companies are tired of your BS and are just going to start taking action now. I'm sorry to say but a huge shift from Government run countries is becoming corporation run and old fart congress people need to get the F out and be replaced to put it nicely.
Take note these changes while they might seem small now are paving the groundwork for just that where corporations trump governments and make decisions themselves. I think the most recent and clearest example of this is when SpaceX gave a vast part of Ukraine internet access while everyone else sat on their butt.