Paypal to launch own cryptocurrency

While it is still not understandable for me that Storj does not offer payment by Paypal, it was announced that Paypal will launch its own cryptocurrency:

I wonder if this could have an impact on Storj and Storj payments?
Maybe to directly accept payment by PYUSD from customers?
Maybe payouts to SNOs with PYUSD?
Or maybe to peg Storj to PYUSD to reduce volatility for payments to SNOs and from customers?

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I do not think that we would start accept any other cryptocurrencies as a payment method, we have a STORJ token exactly for that.

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Depending on how Paypal will implement it, it could be easy for potential customers to obtain PYUSD. And if they can use them without additional hassle with exchanges and fluctuations, that could be a great advantage. And the risk for Storj seems to be miniscule with PYUSD as stablecoin.

It requires additional developers’ time to implement. However, we have no plans to accept any other cryptocurrencies, we have an own utility token. Unlikely it would change.

Yes of course it does. But maybe it can bring additional business opportunities for Storj.
That’s always the question.

As @Alexey said, payouts will be in Storj tokens, not another token.
Pegging the Storj token to any stablecoin is a nonstarter for may reasons including the regulatory uncertainty in the US at this time.

My personal opinion: Paypal is very problematic and known to confiscate funds and close accounts without warning. Many countries do not have access. It invites selectiveness access and would not allow everyone to be treated equally.


:point_up: I second that. Paypal is unrealiable and greedy. I have observed even for currency conversion it will charge more than the bank. If they think your company runs a pyramid or ponzi scheme then your account gets frozen for 6 months. They can exit cryptocurrency at any time jeopardizing Storj or any crypto project that is unfortunate enough to implement Paypal. Don’t forget customers can chargeback and subject Storj to abuse which will take more dev time.

Storj only needs a credit card from its customers.

Almost everyone uses a card and a sizeable amount of them uses Credit card.

More recently, a Forbes Advisor survey from February 2023 shows that just 9% of Americans primarily use cash to pay for purchases. Debit cards and credit cards are the primary payment method used, with 54% of consumers using a physical or virtual debit card and 36% of consumers using a physical or virtual credit card.[4]


I know you would want statistics for Europe so here you go :slight_smile:

In Europe, there are two main credit card providers. Between Visa and Mastercard they make up over 90 percent of the purchase volume market share across Europe. In total, there are over 810 million payment cards across the continent.

Source: Credit card ownership in Europe, by country | Statista

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as for me I almost never pay by credit card in web only paypal. I had some problems with credit card adding before. So i think adding possibility to pay by paypal would be good. Not paypal crypto.

Maybe it is just different in different parts of the world, I don’t know.
I never had any issues with Paypal at all.
But it’s always worth it to look how others are doing. And I just checked randomly:

How to Pay Your Bill :: DigitalOcean Documentation

We currently accept payment using credit cards (Visa, MasterCard, American Express, Discover, UnionPay, Diners Club, and JCB), debit cards, third-party providers (including PayPal,

Cloudflare Billing Policy · Cloudflare Support docs

Cloudflare only accepts VISA, MasterCard, American Express, Discover, Paypal,

There are probably more. By accepting Paypal they will probably be able to accept PYUSD in the future without further modifications.

Wasabi and Backblaze don’t accept Paypal as it seems, but users want it as well:
still no PayPal, such a shame : r/backblaze
Other payment method for Backblaze? (no paypal?)

I don’t know if accepting Paypal could be so bad, while competitors are accepting it.
It might be even an advantage over Wasabi if Storj would accept it.

But I think that would be the real thing: Buying PYUSD from within your Paypal account, sending them to Storj account and pay for Storj services. 2 clicks, no additional exchange no value fluctuations. It would be perfect.

I think the better option would be to ask customers directly through a survey. It could be sent to all existing customers and put up as a form field during onboarding process for new customers.

Any dev resources should be utilized based on that result.

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I have no idea which payment provider they are currently using for the credit cards. Might be as easy as requesting it through the provider.

We will see if Paypal’s cryptocurrency has even half the reliability of paying for storage as Storj’s tokens.

— Written in a state of mild inebriation.