The payment giant PayPal introduced a new feature for the selected user, the Cryptocurrencies Hub, which allows them to hold and interact with Bitcoin and cryptocurrencies in their PayPal Account.
In recent times, PayPal launched the dollar-backed stablecoin PayPal USD (PYUSD), but it updated its terms and conditions to introduce the Cryptocurrencies Hub. These terms and conditions are essential for users interested in using the platform for cryptocurrencies.
The Cryptocurrencies Hub service will facilitate the user to sell, purchase and hold crypto, as mentioned by the company. It will make it easier for PayPal users to pay for purchases with the money they have stored after the sale of cryptocurrencies.
“Any balance in your Cryptocurrencies Hub represents your ownership of the amount of each Crypto Asset shown. You will not hold the digital Crypto Assets themselves in your Crypto Asset balance.” according to PayPal.
PayPal will decide which users can access it from person to person, and not all users can explore this new feature. The user must have “a personal PayPal account and a Balance Account in good standing” before they will be eligible to use the Cryptocurrencies Hub.
PayPal further clarifies, “You can only use your Cryptocurrencies Hub as part of your Balance Account by accessing it through your personal PayPal account. If you are a Hawaii resident, we will not allow you to establish a Cryptocurrencies Hub at this time.”
PayPal will automatically link the user’s Cryptocurrencies Hub to their personal PayPal account, and they can access the Cryptocurrencies Hub with the same credentials as the existing account.