PayPal launches a crypto-for-USD conversion service

Key takeaways

PayPal allows users to convert crypto to USD

Silicon Valley payments firm PayPal announced via a blog post on Monday that it has launched another crypto-related service. The company now allows users to convert their crypto assets to USD, in the process introducing off-ramp services to its customers. 

PayPal has been operating an on-ramp service that allows customers to purchase cryptocurrencies. The company is now adding an off-ramp service, making it easier for users to convert their crypto assets into dollars. 

In their official statement, the company said;

“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.”

At the moment, the service is available to wallets, dApps and NFT marketplaces, and it’s also live on MetaMask.

PayPal pointed out that Web3 merchants can integrate the off-ramp service to connect to robust security controls and tools for fraud management, chargebacks and disputes

PayPal continues to expand its operations in the crypto space

The payment giant has been expanding its operations in the cryptocurrency space in recent months. This latest development comes barely a month after PayPal launched its USD-backed stablecoin on the Ethereum blockchain. 

PYUSD was launched in partnership with Paxos and will be made available to PayPal’s US customers over the coming weeks. 

The company also partnered with Coinbase to offer cryptocurrency transactions in Europe. The partnership is designed to make it easier for Europeans to purchase cryptocurrencies. 

Crypto wallet manufacturer Ledger also recently announced a new integration that allows US customers to purchase cryptocurrencies like BTC, ETH and ETH using their PayPal accounts.