PayPal has partnered with a company called Paxos Crypto Brokerage, a firm that’s helping to support the Crypto Currencies Hub. The venture depends on something called a Bitlicense, granted by the NYDFS (New York State Department of Financial Services).
PayPal’s cryptocurrency license is twofold. First, it allows the platform’s users to buy, hold, and sell cryptocurrency from a select choice of currencies. To start, PayPal is including bitcoin, ethereum, bitcoin cash, and litecoin in the mix. Second, PayPal is allowing customers to use these currencies as a source of funding for purchases at 26 million merchants.
It sounds awfully widespread, but PayPal’s Crypto Currencies Hub is starting small. At the program’s launch, users won’t be able to transfer the crypto within their account to accounts outside of PayPal. The company hasn’t announced whether it will open up external trading as an option in the future. PayPal Cryptocurrency Terms and Conditions has more information on what you can do with your crypto within the website.