PayPal has introduced a new feature that allows users to convert their crypto tokens into USD directly from their wallets into their PayPal accounts, expanding its crypto product suite. This move follows PayPal’s recent launch of a crypto on-ramp service in partnership with MetaMask and Ledger.
The newly unveiled “Off Ramp” service is currently available to users in the United States and is accessible to various wallet users, decentralized applications (dApps), and NFT marketplaces. PayPal emphasizes the security features it offers, including robust fraud management tools and mechanisms for handling chargebacks and disputes.
At present, the Off Ramp service is limited to U.S. customers, and Decrypt has reached out to PayPal for further comments, promising to update this article accordingly.
This development from PayPal comes shortly after MetaMask introduced a similar feature, enabling its users to convert digital assets into fiat currency and transfer the funds to either a bank account or a PayPal account.
PayPal initially ventured into the world of cryptocurrencies in late 2020, allowing users to buy, sell, and hold four major cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Over time, the company has expanded its cryptocurrency services to include crypto transfers and, most recently, on and off ramps for fiat currency.
In the past month, PayPal rolled out its crypto On Ramp integration, enabling direct crypto purchases through MetaMask and Ledger, with hints of further integrations with additional wallet providers in the future. Among the crypto wallet providers listed on PayPal’s website are Phantom, Ledger, and Magic, suggesting potential future collaborations for On and Off Ramp services.
Additionally, PayPal has also announced its own stablecoin, PYUSD, as it seeks to compete with existing crypto-native stablecoins in the market.
