PayPal Launches New Web3 Payment System That Converts Cryptocurrency To USD

Posted Friday, September 15, 2023 by
Sophia Cruz • 1 min read

In its continuous endeavor to expand its presence in the world of cryptocurrencies, the prominent payment company PayPal has introduced a fresh USD off-ramp feature designed to offer a more improved user experience within the crypto space.

The introduction of the “Off Ramps” feature enables users in the United States to directly convert their cryptocurrency holdings into US dollars, transferring them from their wallets to their PayPal balance. According to PayPal, this represents a significant advancement in broadening access to digital currencies by streamlining wallets, decentralized applications (dApps), and non-fungible token (NFT) marketplaces. Moreover, this feature was specifically crafted to assist Web3 merchants in expanding their customer base by delivering a swift and effortless payment experience.

After the triumph of the “On Ramps” feature, enabling U.S. users to purchase crypto through MetaMask and Ledger, PayPal has introduced the “Off Ramps” feature. This functionality simplifies the process for U.S. crypto wallet holders to convert their assets into USD, offering them the versatility to make purchases, save, transfer, or send funds to their bank or card.

PayPal’s ongoing journey into cryptocurrency, through partnerships with MetaMask and Ledger, continues. The Off Ramps feature is now live on MetaMask, with plans for further expansion. Simultaneously, a collaboration with Ledger is in progress. This announcement comes shortly after MetaMask introduced a feature allowing users to convert crypto to fiat and transfer it to PayPal or a bank account.

MetaMask Portfolio’s Sell feature enables effortless conversion of your crypto to fiat currency (USD, EUR, or GBP). Paired with the Buy feature, it streamlines the Web3 experience, reducing intermediaries and providing swift fiat conversion to your chosen wallet.

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