PayPal has launched a new off-ramp service that will allow users to convert crypto into USD directly from their wallets to their PayPal account. According to the official announcement, the new service is live on Metamask as of today. However, the service is only available to U.S. customers at the moment. The service aims to simplify how wallets, dApps, and NFT marketplaces enable buying and selling. The official press release stated:
“By adding Off Ramps, crypto wallet users in the U.S. can convert their crypto to USD directly from their wallets into their PayPal balance so they can shop, send, save, or transfer to their bank or debit card.”
The firm also said that users can benefit from its robust security controls and tools for fraud management, chargebacks, and disputes. The latest service is an extension of PayPal’s “On-Ramps,” which enable U.S. consumers to directly buy crypto via the platform. The On-Ramp service is currently only available through integrations with Metamask and Ledger. However, the firm has said that more wallets will be available soon.
Also Read: Ex-PayPal President Turning Bitcoin Into ‘Global Payment Network’
The launch follows Metamask’s latest feature, which allows users to cash out digital assets for fiat and send them to a bank account or PayPal account.
PayPal going big on crypto
PayPal recently became the second major company to enter the stablecoin arena with the launch of its PYUSD coin. However, it should be noted that although Meta was the first major company to enter the stablecoin realm, their venture ended in failure. PayPal, on the other hand, is seeing quite a bit of success with its stablecoin initiative.
Also Read: PayPal’s Stablecoin PYUSD Can Succeed Where Facebook Failed
Furthermore, PayPal has made significant developments to include crypto services for its customers. It is possible that the firm is confident about the future growth of the sector and anticipates more and more people opting for crypto and stablecoin payments in the near future.