PayPal launches online cryptocurrency hub for users

Shortly after the launch of the PayPal USD (PYUSD) stablecoin, the payment giant PayPal updated its user terms and conditions and introduced the Cryptocurrencies Hub. The new feature allows the service’s customers to interact with cryptocurrencies on their own PayPal accounts.

According to representatives of the service, Cryptocurrencies Hub is key for PayPal, as the financial giant wants to «redefine itself as a crypto-inclusive platform.» According to the company, the service will not only allow the sale and purchase of cryptocurrencies, but will also facilitate the payment of purchases through PayPal using the funds saved after the sale of digital assets.

Cryptocurrencies Hub will also be crucial for converting between PYUSD and other cryptocurrencies. PayPal explained: «Any balance in your Cryptocurrency Hub represents your ownership of the amount of each cryptocurrency asset. You will not own only cryptocurrencies.»

However, not all PayPal users will be able to try out the new feature, as the company will address the issue of access to it on an individual basis. To begin with, in order to access the Cryptocurrencies Hub, a PayPal user must have a «personal PayPal account and a balance account in good standing.» In addition, the service will also verify the necessary identification information, such as name, physical address, date of birth, and taxpayer identification number:

«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 resident of Hawaii, we will not allow you to create a Cryptocurrencies Hub at this time,» the company emphasized.

It is worth noting that the launch of PayPal USD has divided the cryptocurrency community, with crypto enthusiasts claiming speculation on digital assets, although many of them assume that PYUSD will accelerate the growth of the Ethereum network.