PayPal to Launch Cryptocurrency Hub for Select Users

The Cryptocurrency Center is key to PayPal reinventing itself as an inclusive crypto platform. The service will allow the sale and purchase of cryptocurrencies among other features.

Payments giant PayPal, shortly after the launch of the stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce the Cryptocurrencies Hub, a feature that allows users to hold and interact with Bitcoin (BTC) and cryptocurrencies in their PayPal account. .

The latest PayPal terms and conditions detail the prerequisites for cryptocurrency users interested in using the platform for cryptocurrencies. The Cryptocurrency Center is key to PayPal reinventing itself as an inclusive crypto platform. According to the company, the service will allow the purchase and sale of cryptocurrencies. In addition, it will facilitate the payment of purchases through PayPal using the money stored after the sale of cryptocurrencies.

The Crypto Center will also be crucial in converting between PYUSD and other cryptocurrencies. PayPal further clarified:

   “Any balance on your cryptocurrency hub represents your ownership of the value of each displayed crypto asset. You will not keep digital crypto assets in your crypto balance."

However, not all PayPal users will be able to exploit the new feature, as the company will decide its access from person to person. To begin with, to be eligible for the Cryptocurrencies Hub, a PayPal user must have “a personal PayPal account and account balance in good standing”. In addition, PayPal will also verify necessary identifying information, including name, physical address, date of birth and tax identification number, provided by users:

   "You can only use your Crypto Hub as part of your balance account by accessing it through your personal PayPal account. If you live in Hawaii, we will not allow you to set up a crypto hub at this time."

Upon launch of the feature, the Cryptocurrencies Hub will be linked directly to the users’ PayPal account and will be accessible using their existing credentials.