In an ongoing effort to strengthen its footprint in the cryptocurrency domain, payment leader PayPal has launched a fresh USD off-ramp feature, aiming to improve the user experience in the crypto sphere.
Unveiling the new “Off Ramps” feature via a press statement, PayPal aims to streamline the way US customers interact with decentralized apps (DApps), NFT marketplaces, and similar platforms. The announcement highlighted, “Our aim is to enhance digital currency accessibility by making it simpler for wallets, dApps, and NFT marketplaces in the US to integrate, allowing their clientele to transact with supported cryptocurrencies seamlessly.”
This initiative will empower Web3 merchants to process payments through PayPal upon successful integration, tapping into one of the globe’s most extensive payment networks.
This development is just another step in PayPal’s journey into the crypto world, building on prior collaborations with MetaMask and Ledger. Elaborating on the features, the statement shared, “Following the success of our On-Ramps feature, which lets US customers acquire crypto via MetaMask and Ledger integrations, we’re now introducing Off Ramps. This allows crypto wallet holders in the US to effortlessly convert their holdings to USD, enriching their PayPal balance. From there, they can shop, transfer, save, or even move the funds to their bank or card.”
Currently, the Off Ramps feature is up and running on MetaMask, with plans to expand its reach soon. Furthermore, a collaboration between Ledger and PayPal is on the horizon, which will grant US users the convenience of purchasing cryptocurrency directly within the Ledger Live application.
To cap it all, just a month prior, PayPal unveiled its very own stablecoin pegged to the US dollar, named PYUSD.