PayPal to Launch Cryptocurrency Hub for Select Users
Payments behemoth PayPal modified its terms and conditions to add Cryptocurrencies Hub; a service which allows certain users to retain and interact with Bitcoin and other cryptocurrencies in their PayPal account.
Recently, PayPal launched the dollar-backed stablecoin PayPal USD (PYUSD) which has stirred debate in the crypto scene.
According to the firm’s latest terms & conditions, the Cryptocurrencies Hub service will enable the buying and selling of cryptocurrency. Additionally, it will make it easier for PayPal users to pay for goods with the proceeds from the sale of their cryptocurrency holdings.
PayPal further clarified that:
“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.”
Despite that, the service is only available to select users. There are two main conditions which unlock the feature to PayPal users. First, the user must have “a personal PayPal account and a Balance Account in good standing.”
The other condition is that PayPal will need to verify the validity of the user’s identity information, which includes name, address, date of birth and taxpayer identification number.
Sources:
https://cointelegraph.com/news/paypal-cryptocurrencies-hub-launch
https://crypto.news/paypal-discreetly-launches-crypto-hub-for-selected-users/
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