PayPal continues to extend its digital asset services, integrating new ways to sell Bitcoin and other cryptocurrencies. On September 11, PayPal introduced new on and off routes for Web3 payments, enabling users in the United States to convert their cryptocurrencies to USD directly from their wallets into their PayPal balance.
According to the announcement, the PayPal off ramp feature is instantaneously available on MetaMask, wallets, decentralized applications, and nonfungible token (NFT) markets.
Customers will be able to purchase and sell multiple cryptocurrencies in the United States thanks to the new on-off ramp features.
By utilizing PayPal’s strong security controls and tools for fraud management, chargebacks, and disputes, web3 merchants can connect to the fast and seamless payments experience that millions of people trust, helping to increase their user base.
The YouTube promotion video for PayPal’s on- and off-ramps featured a screenshot of PayPal’s interface, which allows users to send 0.0015 BTC ($50) to an external wallet for a $5 network fee and a $2.2 transaction fee.
The video did not indicate which wallet was used in the transaction. Notably, MetaMask does not support Bitcoin transactions on the BTC blockchain. The latest deployment comes shortly after PayPal partnered with the leading hardware wallet company Ledger in August 2023 to provide a new on ramp integration.
The integration enabled verified PayPal users in the United States to purchase Bitcoin, Ether, Bitcoin Cash, and Litecoin directly on the hardware wallet using native Ledger Live software.
As previously stated, MetaMask began implementing Ether purchases via PayPal for U.S. users in May 2023. ConsenSys, the parent company of MetaMask, and PayPal initially collaborated in late 2022 to enable ETH transactions.