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