Payments behemoth PayPal has announced the launch of a new service that will allow users to convert their crypto into US Dollars.
The launch comes shortly after the payments giant had announced the launch of its on-ramp service that allowed users to purchase crypto.
PayPal Users Can Convert Crypto To USD
PayPal announced in a blog post published on Monday that it had launched yet another crypto-related service. Users on PayPal can now convert their crypto into USD, with the company introducing off-ramp services to its customers. The company stated in its blog post,
“Today, we are taking another step in increasing access to digital currencies by simplifying how wallets, dApps, and NFT marketplaces can enable their customers to buy and sell supported crypto in the US (subject to applicable state law) through an integration with PayPal On and Off Ramps.”
The company had already been operating an on-ramp service for its customers, allowing them to purchase cryptocurrencies. With the introduction of the new off-ramp service, users can now seamlessly convert their crypto assets into USD.
“PayPal previously launched On-Ramps to enable US consumers to directly buy crypto with PayPal through integrations with Metamask and Ledger – with more coming soon. By adding Off Ramps, crypto wallet users in the US 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.”
Currently, the new service is available to decentralized applications (dApps), wallets, and NFT marketplaces and is also available to users on MetaMask. The company has also stated that Web3 merchants can integrate the new off-ramp service and connect to robust security controls and tools for fraud management, disputes, and chargebacks.
Continuing Expansion Into The Crypto Space
In recent months, PayPal has been expanding its presence and operations in the crypto space. The launch of on and off-ramps comes barely a month after the company announced the launch of its USD-backed stablecoin on the Ethereum blockchain. The stablecoin was launched in collaboration with Paxos and would be available to PayPal users based in the United States. Speaking about the launch of the stablecoin, President and CEO of PayPal, Dan Schulman, stated,
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.“
PayPal has also partnered with Coinbase to offer crypto transactions to European users. The partnership with Coinbase makes the purchase of crypto relatively easy for the company’s European users, thanks to PayPal’s extensive knowledge and technology investments to ensure safety and transparency.
Ledger has also announced an integration that allows its US customers to purchase crypto such as BTC and ETH through their PayPal accounts.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.