PayPal will have a unique hub of digital assets

The largest payment service PayPal has announced the launch of a digital asset hub. It will be provided to a select number. The hub will become a service for storing and interacting with cryptocurrencies in the platform profile.

What is known now

The plans for the hub were specified in the user agreement, which was recently updated. However, it is still unknown when the service will be launched to absolutely all users.

The hub will provide several key advantages:

  1. Making purchases through the conversion of cryptocurrencies into fiat.
  2. Conducting cryptocurrency transactions directly.
  3. View market data and educational materials.

At the same time, some of the functionality will be made unavailable in certain American states. The service will play a crucial role for the exchange of stable PYUSD coins, which was launched by PayPal itself, with other cryptocurrencies.

The document explains that any balance in the hub will show your ownership for the amount of a single digital coin. At the same time, users will not independently store cryptocurrencies on their own token balance.

To use the hub, the user must have a "personal account, as well as a balance profile with a positive reputation." Personal data will also be verified, and the hub will be linked directly to the payment system account.

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