Payment giant PayPal plans to launch a cryptocurrency hub for select users. That is, a service for storing and interacting with digital assets on the platform account.
Cryptocurrencies Hub will enable:
- make purchases by converting digital assets to fiat;
- receive/send cryptocurrencies;
- view market information and educational materials.
The service will be essential for conversion between PYUSD stablecoin and other digital assets.
“Any balance in your Cryptocurrencies Hub reflects your ownership of the amount of each cryptocurrency. You will not hold the digital assets themselves on your digital asset balance.”
To connect to the service, a PayPal user must have a “personal account and balance account in good standing.”
The company will verify the necessary personal information: name, physical address, date of birth and taxpayer identification number.
Cryptocurrencies Hub will be linked to your PayPal account. Access to the service will be possible using existing credentials.
The dates for launching the service for all categories of users are not specified.