PayPal Expands Digital Asset Services, Enabling Direct Conversion of Cryptocurrencies to USD
Summary:
PayPal expands its digital asset services, integrating new methods for selling cryptocurrencies like Bitcoin. Users in the US can now convert their crypto to USD directly from their wallets into their PayPal balance. The on and off ramps for Web3 payments are now live on MetaMask, enabling customers to buy and sell various cryptocurrencies. PayPal aims to provide a fast and secure payment experience, benefiting web3 merchants.
Payment giant PayPal has expanded its digital asset services by integrating new methods to sell cryptocurrencies such as Bitcoin. PayPal users in the United States can now convert their crypto directly into USD from their wallets into their PayPal balance, thanks to the newly introduced on and off ramps for Web3 payments. The off ramp feature is immediately available to wallets, decentralized applications, and NFT marketplaces, and is live on the MetaMask platform. This move aims to enable customers to easily buy and sell various cryptocurrencies within the United States. By integrating with PayPal, web3 merchants can tap into its trusted payments experience, benefiting from security controls, fraud management tools, chargebacks, and dispute resolution services. PayPal's promotion video demonstrates the functionality of the on and off ramps, showcasing a transaction of 0.0015 BTC with associated fees. Notably, MetaMask does not support direct Bitcoin transactions on the original BTC blockchain. PayPal has not yet responded to Cointelegraph's request for comment. This development follows PayPal's recent partnership with Ledger, offering an on ramp integration for the purchase of Bitcoin, Ether, Bitcoin Cash, and Litecoin. Additionally, MetaMask introduced Ether purchases via PayPal for U.S. users, building on their partnership with ConsenSys.
Published At
9/12/2023 2:01:10 PM
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