Global payment giant PayPal continues to expand its crypto asset services by integrating new methods to sell cryptocurrencies like Bitcoin. PayPal aims to assist web3 sellers in providing security checks and a fast payment experience. Additionally, it makes it easier for users to buy and sell cryptocurrencies in the United States.
Metamask Integration Draws Attention
PayPal officially introduced its new platform for Web3 payments on September 11th, allowing users in the United States to convert their cryptocurrencies directly from their wallets to USD in their PayPal balances. According to the announcement, PayPal’s “off-ramp” feature is immediately available to decentralized wallet applications and NFT markets, and MetaMask integration has already been provided. The new off-ramp features are designed to enable customers to buy and sell various cryptocurrencies in the United States. PayPal stated the following:
“After integration, web3 sellers can leverage PayPal’s robust security checks and tools for fraud management, chargebacks, and disputes, while connecting to PayPal’s trusted fast and seamless payment experience, helping them expand their user base.”
PayPal Shares Promotional Video
PayPal’s promotional video on YouTube includes a screenshot of PayPal’s interface, which allows users to send 0.0015 BTC (50 dollars) to an external wallet with a 5-dollar network fee and a 2.2-dollar transaction fee. The video does not specify which wallet is used as part of the transaction. It is worth noting that MetaMask does not support Bitcoin network transactions.
The recent application comes shortly after PayPal partnered with Ledger, a leading hardware wallet company, in August 2023 to provide a new off-ramp integration. The integration allows verified PayPal users in the US to directly purchase Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on their hardware wallets through PayPal’s local Ledger Live software. As previously mentioned, MetaMask began enabling Ethereum purchases through PayPal for US users in May 2023. MetaMask’s parent company ConsenSys and PayPal initially partnered to enable ETH transactions in late 2022.
