PayPal rolls out crypto-for-USD conversion service

Quick Take

  • Building on PayPal’s “on ramp” service that allowed customers to buy crypto, the payment giant is now rolling out an “off ramp” service so users can seamlessly convert digital currency into dollars.

Silicon Valley payments firm PayPal is adding more crypto-related services as its digital asset portfolio continues to grow.

After previously unveiling an "on ramp" service that allows customers to buy crypto, PayPal is launching an "off ramp" service so users can seamlessly convert digital currency into dollars.

"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 company said in a statement.

The service is available to wallets, dApps and NFT marketplaces, and it's also live on MetaMask.

Web3 merchants

Web3 merchants can use the integration to connect to "robust security controls and tools for fraud management, chargebacks and disputes," the company said.

PayPal's announcement follows two other crypto-related initiatives unveiled last month. While the company's most notable news was its launching of a stablecoin with Paxos, Ledger also announced a new wallet integration that permits U.S. customers to buy crypto like bitcoin, ether and litecoin using their PayPal account.

© 2023 The Block. All Rights Reserved. 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.