PayPal launches service to convert cryptocurrencies into dollars

Payments giant PayPal announced on Monday (11) a new service related to cryptocurrencies. According to the announcement, the new feature will allow fintech users to convert their crypto assets into dollars (USD) directly on the platform.

PayPal highlighted that the new service aims to increase access to digital currencies by simplifying how wallets, dApps and NFT marketplaces can allow their customers to buy and sell supported cryptocurrencies in the United States through an integration with PayPal On and Off Ramps.

After launching the On Ramps service to allow US consumers to purchase cryptocurrencies directly with PayPal through integrations with MetaMask and Ledger wallets, the fintech is launching the Off Ramps service, which will bridge the gap between PayPal and users’ bank accounts in cryptocurrency movements:

“By adding Off Ramps, US cryptocurrency wallet users can convert their cryptocurrencies into US dollars directly from their wallets into their PayPal balance so they can buy, send, save or transfer to their bank or debit card,” it said PayPal in the ad.

“PayPal Off Ramps” is now available for wallets, dApps and NFT marketplaces and is live on MetaMask. According to fintech, Web3 merchants can use the integration to connect to “robust security controls and tools for managing fraud, chargebacks and disputes”.

PayPal and cryptocurrencies

PayPal has been involved with cryptocurrencies for some time, offering the purchase and sale of digital assets on its platform since …

Last month, the fintech announced two new crypto initiatives. The first of these – and possibly the most exciting – was the launch of its own dollar-backed stablecoin, PYUSD. Although adoption is still muted, platforms like Coinbase and Huobi have already announced support for the stablecoin.

PaylPal’s other announcement was a partnership with one of the leading cryptocurrency companies: Ledger. The hardware wallet maker will allow US customers to buy and sell cryptocurrencies on the PayPal payments app.

Finally, the fintech announced that it will launch a cryptocurrency hub for selected users. According to the terms, the “Cryptocurrencies Hub” consists of a feature that allows users to hold and interact with PayPal account cryptocurrencies.