PayPal launched a new feature for crypto customers to allow them to pay in PYUSD for Crypto assets purchases directly.
PayPal is a global digital banking platform. For a few years, PayPal has provided cryptocurrency trading services to its customers. PayPal tried to keep crypto & fiat services away. Just a few weeks ago, this NeoBank launched its stablecoin called PayPal Stablecoin (PYUSD).
Following the PayPal Stablecoin successful launch, the PayPal team is aiming to bring highly futuristic crypto services to PayPal customers. In short, the PayPal firm is trying its best to explore a better use case for its stablecoin.
Just recently PayPal launched Cryptocurrency Hub, a new service that provides easy crypto purchase & sale services to PayPal users.
With the launch of PayPal Stablecoin, the PayPal team also brought some new changes in its terms and conditions to introduce Cryptocurrencies Hub. As per new terms & conditions, Cryptocurrency Hub will allow PayPal customers to interact with the cryptocurrencies within the PayPal account.
In short, Cryptocurrency Hub & PayPal account will remain directly connected. Here this new feature will not remain available for all customers, instead only customers with better financial activity will be allowed to use it.
PayPal Stablecoin & controversy
Following the launch of the PayPal stablecoin, huge numbers of people took to X (formerly Twitter) to criticize PayPal firm over the highly centralized nature of stablecoin.
Many people alleged that PayPal can freeze any address holding PayPal Stablecoin.
𝐏𝐚𝐲𝐩𝐚𝐥 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐤𝐧𝐨𝐰𝐧 𝐭𝐨 𝐫𝐚𝐧𝐝𝐨𝐦𝐥𝐲 𝐟𝐫𝐞𝐞𝐳𝐞 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬 𝐚𝐧𝐝 𝐡𝐨𝐥𝐝 𝐩𝐞𝐨𝐩𝐥𝐞'𝐬 𝐦𝐨𝐧𝐞𝐲 𝐡𝐨𝐬𝐭𝐚𝐠𝐞…𝐢𝐭'𝐬 𝐚𝐥𝐥 𝐨𝐯𝐞𝐫 𝐭𝐡𝐞 𝐢𝐧𝐭𝐞𝐫𝐧𝐞𝐭.Their newly launched Paypal USD stablecoin features a built-in… pic.twitter.com/ICoOQpem03
— Bitcoin Culture (@BTC_Culture) August 7, 2023
Many prominent crypto proponents jumped to support PayPal Stablecoin and said that not only PayPal but also almost every stablecoin, including Tether (USDT), and Circle (USDC), are centralized & the corresponding firm can freeze the funds.
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