- PayPal launches cryptocurrency platform, Cryptocurrencies Hub.
- Users can hold, buy, sell, and use cryptocurrencies in their PayPal account.
- Platform is being rolled out in the US and will be available to all users in the coming months.
PayPal has launched a new cryptocurrency platform, called Cryptocurrencies Hub, which allows users to hold, buy, sell, and use cryptocurrencies like Bitcoin and Ethereum in their PayPal account.
The new platform is being rolled out gradually to select users in the United States, and it is expected to be available to all PayPal users in the coming months.
To use Cryptocurrencies Hub, users will need to create a separate account within their PayPal account. This account will be used to store their cryptocurrency holdings, and it will be linked to their PayPal balance so that they can easily buy and sell cryptocurrencies with fiat currency.
Users will also be able to use Cryptocurrencies Hub to pay for goods and services at merchants that accept PayPal. When they make a purchase, PayPal will automatically convert the cryptocurrency into fiat currency and send the payment to the merchant.
PayPal is the latest major financial institution to offer cryptocurrency services. In recent years, a number of other companies, including Square, Goldman Sachs, and Morgan Stanley, have also announced plans to offer cryptocurrency services.
The launch of Cryptocurrencies Hub is a significant step for PayPal, and it could help to make cryptocurrencies more mainstream. By making it easy for users to buy, sell, and use cryptocurrencies, PayPal could help to drive adoption of this new asset class.