PayPal introduces a cryptocurrency-to-USD conversion service

Sep 12, 2023

PayPal, the Silicon Valley payments company, has unveiled a new crypto-related service, allowing users to convert their cryptocurrency assets into USD. This marks the introduction of an off-ramp service, complementing its existing on-ramp service that enables customers to purchase cryptocurrencies.

In an official statement, PayPal explained:

"With the addition of Off Ramps, crypto wallet users in the U.S. can seamlessly convert their crypto holdings into USD directly within their PayPal balance. This flexibility empowers them to shop, send, save, or transfer funds to their bank or debit card."

Currently, this service is accessible to wallets, decentralized applications (dApps), and NFT marketplaces, and it is already operational on MetaMask.

PayPal emphasized that Web3 merchants can integrate this off-ramp service to access robust security measures, fraud management tools, and support for handling chargebacks and disputes.

This move is part of PayPal's ongoing expansion into the cryptocurrency space, following the recent launch of its USD-backed stablecoin, PYUSD, on the Ethereum blockchain. Additionally, the company partnered with Coinbase to facilitate cryptocurrency transactions in Europe, simplifying the process for European users. Furthermore, Ledger, a crypto wallet manufacturer, introduced an integration enabling U.S. customers to buy cryptocurrencies like BTC, ETH, and ETH through their PayPal accounts.

Source: coinjournal.net