PayPal Advances Further: Introduces ‘Cryptocurrencies Hub’ to Exclusive Users

PayPal is introducing a new ‘Cryptocurrencies Hub,’ enabling specific users to manage, exchange, and trade crypto assets directly within the app. 

The platform has updated its terms and conditions to guide new users through accessing the hub, which includes PayPal’s recently launched USD-backed stablecoin, PYUSD. Users establishing and accessing the hub can hold a Crypto Asset balance. Conduct transactions involving crypto assets for purchases, and convert between PYUSD and other cryptocurrencies. However, it’s clarified that custody, trading. And transfer services for these crypto assets will be carried out by service providers like Paxos. 

To access the Cryptocurrencies Hub. PayPal users must hold a personal PayPal account with a Balance account in good standing and undergo KYC verification. Furthermore, PayPal’s senior VP of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, highlighted that PYUSD would eventually become available for DeFi activities, aiming to cater to traditional use cases as well.

Clever Robot News Desk 15^th August 2023