PayPal Unveils Cryptocurrencies Hub: A New Crypto-Inclusive Feature
Payments giant PayPal has launched a new feature that allows users to hold and interact with Bitcoin (BTC) and other cryptocurrencies in their accounts.
The new functionality, called Cryptocurrencies Hub, will allow users to not only hold a balance in various cryptocurrencies but also engage in transactions involving these digital assets.
By accessing the Cryptocurrencies Hub, PayPal users will be able to buy, sell, receive, and send cryptocurrencies.
Moreover, they will have the option to utilize the proceeds from the sale of cryptocurrencies to make purchases through PayPal.
Users will also be able to convert between PYUSD (PayPal's stablecoin) and other cryptocurrencies.
It is important to note that while users will have a balance in their Cryptocurrencies Hub, they will not actually possess the digital assets.
Instead, custody, trading, and transfer services for these cryptocurrencies will be performed by Paxos or other authorized service providers.
"Your use of the Cryptocurrencies Hub may depend on you having a personal PayPal account and a Balance Account in good standing, and us verifying the required identifying information you provide to us. You can only use your Cryptocurrencies Hub as part of your Balance Account by accessing it through your personal PayPal account," the company said.
Furthermore, users must provide the necessary identifying information for verification purposes, including their name, physical address, date of birth, and taxpayer identification number.
Residents of Hawaii, however, will not be able to access the Cryptocurrencies Hub as of now.
PayPal has automatically linked the Cryptocurrencies Hub to users' personal accounts, with the login credentials for the latter serving as the access
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