- The Crypto Hub will enable users to pay for goods and services in cryptocurrency
- They can exchange crypto or fiat for PYUSD, PayPal’s new stablecoin
Leading payment processor PayPal has introduced a digital asset feature called Cryptocurrencies Hub, which allows users to buy, sell, trade, and hold crypto in their PayPal accounts.
Trade altcoins, buy goods and services
PayPal updated the terms and conditions to reflect the new addition and show what requirements users need to fulfill to use the platform for their cryptocurrency transactions. Users can hold, buy, and sell altcoins as well. The Crypto Hub will also serve as a gateway enabling users to pay for goods and services in crypto.
You can exchange crypto or fiat for PYUSD, PayPal’s recently launched stablecoin. The platform writes:
If you establish and access the Cryptocurrencies Hub, you will be able to hold a Crypto Asset balance, and buy, sell, receive, and send Crypto Assets, including in transactions where the proceeds from a sale of Crypto Assets will be used to pay for purchases through PayPal, and to convert between PYUSD and another Crypto Asset.
You don’t hold the actual assets
PayPal explains that balances in a user’s Cryptocurrencies Hub represent their ownership of the amount of each listed asset. The user doesn’t actually hold the assets themselves. Some crypto asset transfer, custody, and trading services are performed by Paxos Trust Company on behalf of PayPal.
Who can access the Hub?
According to the platform, access to the Cryptocurrencies Hub is contingent upon having a balance account and a personal account in good standing. In addition, PayPal might need to verify personal details provided by the user.
As the platform rolls the Cryptocurrency Hub out, they will link the feature to the user’s account automatically. Access to the Hub may also depend on what device you are using to operate your PayPal.
Access is only possible through a personal account
Finally, it is stated that users can only access the Cryptocurrencies Hub as part of their Balance Account via their personal PayPal. Residents of Hawaii have no access to the Hub at this time.
