PayPal launches new cryptocurrency platform

Payment platform PayPal has updated its Ts and Cs, introducing a new cryptocurrency feature at the same time. Cryptocurrencies Hub, the new PayPal crypto service, allows its users to hold and transact with Bitcoin in their PayPal account.

The recently updated terms and conditions show the prerequisites that cryptocurrency users need to have in place before using PayPal for their crypocurrency transactions. According to PayPal, this latest feature will also its users to hold, buy, and sell cryptocurrencies like Bitcoin ($BTC) and other cryptocurrencies. It will also act as a gateway for users to pay for goods and services using cryptocurrency via PayPal.

The Hub will also let users convert between the newly launched PayPal stablecoin, $PYUSD, and other cryptocurrency assets. According to the platform:

“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.”

As the Cryptocurrency Hub is rolled out, the feature will be automatically linked to the account of the PayPal user. From there, they will be able to access the platform and the functions it offers.

It’s worth noting that not all PayPal users will be able to explore Cryptocurrency Hub. At the time, PayPal will decide access from person to person with certain users having access according to their eligibility. This depends on the Balance Account (and whether it is in “good standing”), the identification information users have listed on the platform, and the device the user is using to operate their PayPal:

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.”

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