Payments giant PayPal has, shortly after launching its dollar-backed stablecoin PayPal USD (PYUSD), updated its terms and conditions to introduce the “Cryptocurrencies Hub,” which allows users to store and manage Bitcoin and other digital assets in their PayPal accounts.
According to the firm, the Cryptocurrencies Hub allows users to buy and sell cryptocurrencies, while also facilitating the payment for PayPal purchases using funds stored after the sale of cryptocurrencies.
The firm clarified that balances on the Cryptocurrencies Hub represent users’ ownership of each digital asset shown, although users won’t “hold the digital crypto assets themselves”..
The Hub is set to be used to convert between PYUSD and other digital assets on PayPal, and won’t be available for every user. To access it, PayPal users must have a “personal PayPal account and a Balance Account in good standing,” and have verified personal details like name, address, and taxpayer ID
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/aug/15/
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