To be eligible for the new Cryptocurrencies Hub, a PayPal user must have “a personal PayPal account and a Balance Account in good standing”
The updated terms and conditions provided by US payment giant PayPal have introduced the new Cryptocurrencies Hub section. It is to be available soon to select users.
The new feature enables users to hold and interact with Bitcoin and altcoins in their PayPal accounts. As soon as the tool launches, Cryptocurrencies Hub will be directly linked to one’s PayPal account and will not require additional registration. PayPal users will access the linked crypto platform using the existing PayPal credentials.
Those users who access the Cryptocurrencies Hub will be able to store, buy, sell, receive, and send crypto assets. To buy crypto, one may use the Hub account balance, bank account or a debit card linked to PayPal account, but not a credit card or any other type of credit product.
The Cryptocurrencies Hub crypto balances can be used in transactions where the proceeds from the crypto sale will be used to pay for purchases through PayPal and to convert between the firm’s proprietary stablecoin PayPal USD (PYUSD) and another crypto asset.
In addition, the Hub will host crypto market information and educational content about cryptocurrency trading.
The eligibility of the service will be decided on a case-to-case basis. Except for having “a personal PayPal account and a Balance Account in good standing,” the applicants must meet other requirements. PayPal will verify the required identifying information, which includes name, physical address, date of birth and taxpayer identification number provided by the users. The firm may also ask for additional information, such as a copy of one’s government issued photo ID or evidence of their residency, like a utility bill.
Some locations such as Hawaii are not yet supported by the new service. In other unspecified US regions, the available features list may be limited.
