PayPal will launch a cryptocurrency hub that allows cryptocurrency trading

ChainCatcher news, according to Cointelegraph, payment giant PayPal updated its terms shortly after launching its dollar-backed stablecoin PayPal USD (PYUSD), introducing a "cryptocurrency hub," a feature that allows users to hold and interact with Bitcoin.

The service will allow for the buying and selling of cryptocurrencies. Additionally, it will facilitate payments for goods purchased through PayPal by using funds stored after selling cryptocurrencies.

However, not all PayPal users will be able to explore this new feature, as the company will determine access based on individual circumstances. First, users must "have a personal PayPal account and a balance account in good standing," and PayPal will also verify the necessary identification information provided by the user. When the feature is launched, the cryptocurrency hub will be directly linked to the user's PayPal account and can be accessed using existing credentials.