Payments giant PayPal, which recently launched the dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce Cryptocurrencies Hub — a feature that allows users to hold and interact with Bitcoin (BTC) and cryptocurrencies in their PayPal account.
The latest PayPal terms and conditions detail the prerequisites for crypto users interested in using the platform for cryptocurrencies. According to the company, the Cryptocurrencies Hub service will allow for the sale and purchase of crypto. In addition, it will facilitate the payment for purchases via PayPal using the money stored after the sale of cryptocurrencies.
The Cryptocurrencies Hub will also be crucial to convert between PYUSD and other crypto assets. PayPal further clarified:
“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.”
However, not all PayPal users will get to explore the new feature as the company will decide its access from person to person. For starters, to be eligible for Cryptocurrencies Hub, a PayPal user must have “a personal PayPal account and a Balance Account in good standing.” In addition, PayPal will also verify…
