PayPal, an American multinational financial technology company, recently launched the dollar-backed stablecoin PayPal USD and updated its terms and conditions to introduce Cryptocurrencies Hub. It is a feature that allows users to hold and interact with Bitcoin (BTC) and cryptocurrencies in their PayPal accounts.
The latest PayPal terms and conditions detail the requirements for individuals looking to engage with cryptocurrencies through the platform. Per the company's statement, the Cryptocurrencies Hub service is designed to enable users to buy and sell cryptocurrencies. Furthermore, this feature will streamline the process of using funds acquired from cryptocurrency sales to make payments via PayPal for various purchases.
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."
Also, "You can only use your Cryptocurrencies Hub as part of your Balance Account by accessing it through your personal PayPal account. If you are a Hawaii resident, we will not allow you to establish a Cryptocurrencies Hub now."
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