Payments giant PayPal has, shortly after launching its dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce the “Cryptocurrencies Hub,” which allows users to store and manage Bitcoin and other digital assets in their PayPal accounts.

If the U.S. Securities and Exchange Commission (SEC) greenlights a spot Bitcoin exchange-traded fund (ETF), it could represent a hefty 10% of Bitcoin’s market value within a three-year span, according to analysts at Bernstein.

Europe has taken a lead over the U.S. with the introduction of its first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management listed its ETF on Euronext Amsterdam, where it trades under the BCOIN ticker.

Top stories in the Crypto Roundup today:

• PayPal to Introduce Cryptocurrencies Hub for Select Users
• Spot Bitcoin ETF Could Account for 10% of Bitcoin’s Market Value: Berenstein
• Jacobi Launches Europe’s First Spot Bitcoin ETF

PayPal to Introduce Cryptocurrencies Hub for Select Users

Payments giant PayPal has, shortly after launching its dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce the “Cryptocurrencies Hub,” which allows users to store and manage Bitcoin and other digital assets in their PayPal accounts.

According to the firm, the Cryptocurrencies Hub allows users to buy and sell cryptocurrencies, while also facilitating the payment for PayPal purchases using funds stored after the sale of cryptocurrencies.

The firm clarified that balances on the Cryptocurrencies Hub represent users’ ownership of each digital asset shown, although users won’t “hold the digital crypto assets themselves”..

The Hub is set to be used to convert between PYUSD and other digital assets on PayPal, and won’t be available for every user. To access it, PayPal users must have a “personal PayPal account and a Balance Account in good standing,” and have verified personal details like name, address, and taxpayer ID

Spot Bitcoin ETF Could Account for 10% of Bitcoin’s Market Value: Berenstein

If the U.S. Securities and Exchange Commission (SEC) greenlights a spot Bitcoin exchange-traded fund (ETF), it could represent a hefty 10% of Bitcoin’s market value within a three-year span, according to analysts at Bernstein.

Gautam Chhugani, a leading analyst at Bernstein, underscored in a recent report that the likelihood of an approval of a spot Bitcoin ETF has increased. Currently Grayscale’s Bitcoin Trust holds around 4% of Bitcoin’s circulating supply, but Berenstein’s analysts anticipate a “growth flywheel” spurring both retail and institutional flows into the cryptocurrency space if a spot Bitcoin ETF is approved.

Last week, the SEC delayed its decision on the ARK 21Shares Bitcoin ETF application. The regulator has other applications scheduled for review in September.

Jacobi Launches Europe’s First Spot Bitcoin ETF

Europe has taken a lead over the U.S. with the introduction of its first Bitcoin exchange-traded fund (ETF) as London-based Jacobi Asset Management listed its ETF on Euronext Amsterdam, where it trades under the BCOIN ticker.

Jacobi was approved to launch the ETF by the Guernsey Financial Services Commission (GFSC) in October 2021 and initially planned to launch it last year, but the collapse of the Terra ecosystem and FTX’s bankruptcy stopped it from doing so.

The Jacobi FT Wilshire Bitcoin ETF carries a 1.5% annual management fee and the fund’s custodial services are handled by Fidelity Digital Assets, while Flow Traders acts as a market maker for it.

A standout feature of Jacobi’s ETF is its compliance with European sustainability regulations as the ETF uses a Renewable Energy Certificate (REC) solution, which verifies use of renewable energy sources, allowing investors to trade Bitcoin while meeting environmental and social standards.

State of the Crypto by Top Tier Exchange Volume

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