The interest of large companies in cryptocurrencies continues to grow. Silicon Valley payment company PayPal seems to be adding more services related to crypto as its digital asset portfolio continues to grow.
Historic Innovation from PayPal
Previously, PayPal announced an “on-ramp” service that allowed customers to buy cryptocurrencies, and now they are launching an “off-ramp” service for users to seamlessly convert crypto to dollars.
The company’s statement is as follows:
Today, through integration with PayPal On and Off Ramps, we are taking another step to increase access to cryptocurrencies by simplifying how wallets, dApps, and NFT marketplaces’ customers in the United States (subject to applicable state laws) can buy and sell supported cryptos.
Once integrated, web3 sellers can leverage PayPal’s robust fraud management, chargebacks, and dispute resolution security controls and tools, connecting to the trusted fast and seamless payment experience of millions of people by expanding their user base.
PayPal previously launched On Ramps to enable US consumers to directly purchase crypto with integrations with Metamask and Ledger – more is coming soon. By adding Off Ramps, US crypto wallet users can convert their cryptos directly from their wallets to USD in their PayPal balances, enabling them to shop, send, save or transfer to a bank or cards. PayPal Off Ramps are now available for wallets, dApps, and NFT marketplaces, and are live on MetaMask today.
Status of Web3 Investors
The company stated that web3 sellers can use this integration to connect to “robust fraud management, chargebacks, and dispute resolution security controls and tools.”
PayPal’s announcement comes after two other crypto-related initiatives announced last month. The company’s most notable news was launching a stablecoin with Paxos, while Ledger also announced a new wallet integration that allows US customers to buy cryptocurrencies like Bitcoin, Ethereum, and Litecoin using their PayPal accounts.
