PayPal’s new cryptocurrency off-ramp seeks to facilitate Web3 payments. It is active as of Monday in MetaMask and other wallets.
- PayPal introduces ‘off-ramp’ to facilitate crypto-to-fiat conversion
- The service is enabled on MetaMask and other cryptocurrency wallets
- Another move by PayPal into the digital currency space
Payments giant PayPal is taking another step to dive into the cryptocurrency space.
A new “ off-ramp ” is being added to the list of cryptocurrency services offered by PayPal, as the company continues to grow in this area . In a statement on Monday, the company announced its new Off Ramps service to convert digital currencies to US dollars directly from wallets to PayPal accounts .
The new service is enabled for wallets, decentralized applications (dApps), non-fungible token (NFT) market and also on the popular Ethereum wallet, MetaMask. It is available to users in the United States.
By adding Off Ramps, crypto wallet users in the US can convert their crypto to USD directly from their wallets to their PayPal balance so they can purchase, send, save, or transfer to their bank or debit card .
PayPal suggested the new functionality could help push payments into the Web3 sphere. Web3 merchants can use the integration to connect to “robust security tools and controls for fraud, chargeback, and dispute management,” the company said in the note.
PayPal continues to advance in crypto
The Silicon Valley-based company first incorporated its cryptocurrency offering in late 2020 for users in the US, offering services for buying, selling and storing assets such as Bitcoin and Ethereum.
PayPal has since expanded its offering to include cryptocurrency transfers to external wallets. It also recently introduced its own native, US dollar-pegged stablecoin, PayPal USD (PYUSD), becoming the first major payments firm to launch such a token.
In mid-August, shortly after that announcement, the company introduced a cryptocurrency hub to make it easier for its clients to manage such assets on its platform, including its newly launched PYUSD.
The announcement comes a week after MetaMask rolled out a feature that allows users to withdraw their cryptocurrencies for fiat currency and send them directly to a bank account or PayPal account.
Ledger, the manufacturer of cryptocurrency hardware wallets, had already announced in August an integration with PayPal to provide new channels for the purchase of cryptocurrencies among its users.
In today’s statement, PayPal wrote that “more is coming soon,” hinting at additional integrations with other wallet providers. In addition to MetaMask and Ledger, the company has listed digital currency wallet providers Phantom and Magic on its website, pointing to possible future integrations for on- and off-ramps.
