- The hub will allow customers to sell and buy cryptoassets.
- To use the service, one must meet certain criteria.
- Users from Hawaii will not be able to use the new solution.
PayPal, a payment service provider, has unveiled Cryptocurrencies Hub, a service that will allow customers to sell/buy cryptocurrencies.
The announcement said that among the available features of Cryptocurrencies Hub will be conversion between the recently launched PYUSD stablecoin and other crypto assets.
The document also says that customers will be able to pay for PayPal purchases using cryptoassets:
“This will make it easier to pay for PayPal purchases using funds accumulated after selling cryptocurrencies.”
In addition, users will be able to view market information and educational materials.
But not everyone will be able to use the service. To access the hub, a PayPal user must have a “personal and balance account in good standing”. The company will also verify required identifying information including name, physical address, date of birth and taxpayer identification number.
In addition, payPal’s statement said:
“If you are a resident of Hawaii, we will not allow you to access the cryptocurrency hub now.”
Reminder, PayPal announced the launch of its own stablecoin on Aug. 7.
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