PayPal has once again moved to assert itself in the Web3 payment space by launching an on- and off-ramp integration for merchants and service providers.
PayPal, on September 11, 2023, announced that it is introducing an off-ramp service for users with crypto wallets. This new offering builds upon its previous on-ramp service, powered by integrations with Metamask and Ledger, to enable users to purchase cryptocurrencies directly via their dashboard on PayPal.
The new off-ramp service complements this and empowers customers to seamlessly convert their crypto holdings into U.S. dollars directly from their wallets into their PayPal balances.
According to PayPal, this new feature represents
“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.”
And new users stand to benefit from the platform’s predictive risk algorithms and well-established relationships with financial institutions.
The payment service provider also expects the integration to prove beneficial for Web3 businesses. PayPal believes it will allow business owners to allocate resources to growth and customer acquisition while it manages important aspects of their transactions like verification, fraud prevention, and chargebacks.
PayPal’s announcement reveals that the On and Off Ramps integration is already accessible to wallets, dApps, and NFT marketplaces, and it is live on MetaMask as of Monday. However, it is currently only available to users in the United States.
It’s worth noting that PayPal has been actively involved in the Web3 payment sector in 2023. The company has framed its activities in the space on the premise that it seeks to simplify the digital payment process and increase adoption by reaching millions of customers through a trusted brand.
A few months ago, in August, PayPal introduced a digital currency, the PayPal USD (PYUSD), a stablecoin pegged to the U.S. dollar. This move has been described as an attempt by PayPal to leverage the advantages of stablecoins in the realm of digital transactions and finance.
While PYUSD currently caters exclusively to U.S. users, it offers distinctive features, including the convenient conversion of PYUSD to fiat currency directly through the PayPal platform.
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