2023-08-14 13:36:40
The world-renowned payment giant has once once more proven its commitment to cryptocurrencies. Following the release of its stablecoin (PYUSD) last week, the firm has now unveiled a feature that allows customers to hold and transact with bitcoin and other cryptocurrencies within their PayPal accounts. With access to the Cryptocurrencies Hub, users of the platform can buy, sell, receive and send cryptocurrencies. Moreover, they will also have the option to use the proceeds from the sale of cryptocurrencies to make purchases through PayPal. Users will also be able to switch between PYUSD (PayPal’s stablecoin) and other cryptocurrencies. It is important to note that while users will have a balance in the Cryptocurrencies Hub, they will not actually own the digital assets. Instead, custodial, trading and transfer services for cryptocurrencies are provided by Paxos or other licensed service providers. Who is the new feature available to? The new feature will not be available to all PayPal users. The company decides on access per person. For starters, to be eligible to use the Cryptocurrencies Hub, a PayPal user must have a personal PayPal account and a “good balance”. In addition, PayPal also verifies the required identification information provided by users – which includes name, address, date of birth and tax identification number. Residents of Hawaii cannot access the Cryptocurrencies Hub at this time. How is it available? PayPal has automatically connected the Cryptocurrencies Hub to users’ personal accounts, and the latter’s login data serves as the access data for the former. Users must go through an authentication process to access the new feature for the first time. “For certain uses of Cryptocurrencies Hub, we may ask you to provide a photo or other biometric information to verify your identity,” the company said. The introduction of Cryptocurrencies Hub comes shortly following the payments giant announced that it would soon launch its PYUSD stablecoin. The dollar-pegged asset is issued by Paxos, a blockchain infrastructure company that previously issued the Binance USD (BUSD) stablecoin. The token can be redeemed for US dollars at any time and can be used to buy and sell other cryptocurrencies that PayPal offers on its platform, including bitcoin. Published on the BitcoinBázis page.
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