PayPal запустит cryptocurrency hub for select users — a service for storing and interacting with digital assets on the platform’s account.
The plans are reflected in an updated user agreement.
Timelines for a full rollout across all user segments have not been disclosed.
The Cryptocurrencies Hub will enable purchases by converting digital assets into fiat, send/receive cryptocurrencies, and access market information and educational materials.
A number of features will not be available in certain U.S. states.
The service will be instrumental for converting between the stablecoin PYUSD and other digital assets.
“Any balance in your Cryptocurrencies Hub reflects your ownership of the amount of each cryptocurrency. You will not hold the digital assets themselves on your balance of digital assets,” the document explains.
To access the service, a PayPal user must have a ‘personal account and a balance account with a good reputation’.
The company will also verify required personal information: name, physical address, date of birth, and tax identification number.
The Cryptocurrencies Hub will be directly linked to the PayPal account. Access to the service will be available with existing credentials.
The weekly limit for cryptocurrency purchases is set at $100,000, for transfers at $10,000.
Fees for buying/selling digital assets range from $0.49 to 1.5% of amounts $1,000 and above. In the case of conversions to/from PYUSD this figure may reach 1.75%. When transferring cryptocurrencies, users will pay network fees; the company will not charge a fee.
The company’s “stablecoin” has drawn mixed reactions from community members. Some said PYUSD would foster broad adoption of digital assets, others pointed to centralization risks.
Earlier JPMorgan analysts stated that PayPal’s stablecoin launch could benefit Ethereum by increasing the total value of assets locked in the network.
Bank of America analysts noted that PYUSD would improve payment efficiency and customer service, but the rollout of the asset is unlikely to be on a large scale.
As reported, U.S. Representative Maxine Waters выразила “deep concern” about PayPal’s stablecoin launch. She pointed to the lack of a regulatory framework for such assets.