The updated terms of use state that users will not only be able to store cryptocurrencies but also buy and sell them, as well as pay for goods and services using these currencies.
There is also the possibility of converting between the new PayPal coin, PYUSD, and other crypto assets. However, there is a nuance: this is a custodial service – you will not be able to keep the cryptocurrency yourself – you will only see a “display” of the amounts PayPal keeping for you.
PayPal will provide access to the Cryptocurrencies Hub selectively, based on the status of the user’s balance, the identification information provided and the device from which the user logs in. For example, residents of Hawaii will not be able to create their own Cryptocurrencies Hub yet.