PayPal is on the move to get integrated into the cryptocurrency field. One of their efforts is to roll out a crypto hub that will be available to a group of chosen investors.
Paypal Token And Crypto Hub
PayPal recently released a crypto token of its own, which goes by the name Paypal USD (PYUSD). The Crypto Hub is another new innovation they have made to enable Paypal users to store cryptocurrencies in their wallets. Paypal has also introduced the fact that it will allow users to take part in cryptocurrency
trading on their platform.
Regarding the CryptoHub, it must take part in the conversion of cryptocurrencies to fiat.
Also Read: Evolution of Money: The Fiat Currency
The users eligible for this product will be limited according to Paypal. To be rendered worthy of using CryptoHub, the company will vet you using the following standards:
1. You must have a Paypal Personal Account- A business account does not qualify to be part of the CryptoHub service.
2. The money in your account must be in good standing-this means that money that has been traced from an illegal source will render the owner’s account illegible for the service.
3. Paypal will be required to verify your account details such as your name, physical address, and date of birth as well as the tax identification number.
Once the service is made public and has been released, the owners of the Paypal accounts can start using it anytime once it has been linked to their accounts.
This is the Ethereum contract address for PayPal's stablecoin.
I can't believe i get to tweet that.
We've come so far. pic.twitter.com/S6kSqcV4ut
— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) August 7, 2023
Revocation Of Decentralization Rights
Many investors have argued that CryptoHub is a form of reduction of decentralization for cryptocurrencies. For instance, PYUSD has smart contracts which can enable the freezing of assets.
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