PayPal to launch Cryptocurrencies Hub for select users

Monday 14 August 2023 13:20 CET | News

PayPal has rolled out the Cryptocurrencies Hub as a platform that allows the sale and purchase of cryptocurrencies, among other functionalities.


Payments company PayPal, which recently launched the dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce Cryptocurrencies Hub, a feature that allows users to hold and interact with and cryptocurrencies in their PayPal account. The Cryptocurrencies Hub is key for PayPal to reinvent itself as a crypto-inclusive platform.

PayPal has rolled out the Cryptocurrencies Hub as a platform that allows the sale and purchase of cryptocurrencies, among other functionalities.

The PayPal terms and conditions have been updated an reveal the prerequisites for crypto users interested in using the platform for cryptocurrencies. According to the company, the Cryptocurrencies Hub service will allow for the sale and purchase of crypto, among other functionalities. In addition, it will facilitate the payment for purchases via PayPal using the money stored after the sale of cryptocurrencies.

Available features of the Cryptocurrencies Hub:

  • Buy crypto assets;

  • Hold crypto assets;

  • Sell crypto assets, including to use the proceeds to pay for purchases through one’s PayPal account;

  • Convert between PYUSD and another crypto asset;

  • Send crypto assets;

  • Receive crypto assets;

  • View market information and educational content.

The Cryptocurrencies Hub will also be important to convert between PYUSD and other crypto assets. PayPal further clarified that any balance in a user’s Cryptocurrencies Hub represents his ownership of the amount of each Crypto Asset shown. The user will not hold the digital Crypto Assets himselves in his Crypto Asset balance.”

However, not all PayPal users will get to explore the new feature as the company will decide its access from person to person. For starters, to be eligible for Cryptocurrencies Hub, a PayPal user must have ‘a personal PayPal account and a Balance Account in good standing.’ In addition, PayPal will also verify the required identifying information, which includes name, physical address, date of birth, and taxpayer identification number provided by the users. The feature is no yet available for Hawaii residents.

Upon rollout of the feature, Cryptocurrencies Hub will be directly linked to the user’s PayPal account and can be accessed using the existing credentials.

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Keywords: cryptocurrency, crypto asset, digital assets, product launch, stablecoin
Categories: DeFi & Crypto & Web3
Companies: PayPal
Countries: World
This article is part of category

DeFi & Crypto & Web3


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