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PayPal launches new USD off-ramps for Web3 payments

PayPal makes further inroads into Web3 with a new off-ramp that lets users convert cryptocurrencies into USD.

Payments giant PayPal has taken another stride in its adoption of digital currencies, this time with a new USD off-ramp that lets users easily convert cryptocurrencies into USD. 

The announcement comes shortly after the release of a new on-ramp service that enables US consumers to directly buy crypto via PayPal through integrations with MetaMask and Ledger.

“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 Sempteber 11 statement outlines. 

The feature is now available to wallets, dApps and NFT marketplaces, and is live on MetaMask.

Read more: PayPal launches dollar-backed stablecoin, becomes fintech’s first

PayPal said that the goal of the update is to increase access to digital currencies by simplifying the process of buying and selling crypto via wallets, dApps and NFT marketplaces. 

The off-ramp is also geared toward helping Web3 merchants grow their user base by connecting to PayPal and leveraging their security measures, in addition to fraud and dispute management tools. 

PayPal’s made huge inroads into Web3 

In early August, PayPal launched a new stablecoin (PYUSD) that’s backed by the US dollar, short term US treasuries and other cash equivalents. 

The stablecoin an ERC-20 token, issued by Paxos Trust Company. It’s the first of its kind in fintech.

Launch video

PayPal’s stablecoin is an ERC-20 token, issued by Paxos Trust Company. It’s the first of its kind in traditional fintech.

Read more: PayPal stablecoin launch draws criticism from Congresswoman Maxine Waters

Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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