PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin.
Global payment giant PayPal continues expanding its digital asset services, integrating new methods to sell cryptocurrencies like Bitcoin (BTC).
PayPal on Sept. 11 officially introduced new on and off ramps for Web3 payments, allowing users in the United States to convert their crypto to USD directly from their wallets into their PayPal balance.
According to the announcement, PayPal off ramp feature is immediately available to wallets, decentralized applications and nonfungible token (NFT) marketplaces and is live on MetaMask.
The new on off ramp features are designed to enable customers to buy and sell several cryptocurrencies in the United States.
“Once integrated, web3 merchants can help grow their user base by connecting to PayPal’s fast and seamless payments experience trusted by millions, while leveraging PayPal’s robust security controls and tools for fraud management, chargebacks and disputes,” PayPal noted.
PayPal’s on and off ramps promotion video on YouTube included a screenshot from PayPal’s interface allowing users to send 0.0015 BTC ($50) to an external wallet with a $5 network fee and a $2.2 transaction fee. The video didn’t specify what wallet was used as part of the transaction. It’s worth noting that MetaMask doesn’t support Bitcoin transactions on the original BTC blockchain.
PayPal did not immediately respond to Cointelegraph’s request for comment.
Related: PayPal’s new PYUSD stablecoin faces legal headwinds and ‘less functionality’
The latest rollout comes shortly after PayPal partnered with the major hardware wallet firm Ledger to provide a new on ramp integration in August 2023. The integration allowed verified PayPal in the U.S. to buy Bitcoin, Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) directly on the hardware wallet via native Ledger Live software.
As previously mentioned, MetaMask started rolling out Ether purchases via PayPal for users in the U.S. in May 2023. MetaMask’s parent company ConsenSys and PayPal initially partnered to enable ETH transactions in late 2022.
