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PayPal expands its digital asset services, introducing innovative methods for buying and selling cryptocurrencies like Bitcoin. The latest feature, now live on MetaMask, offers U.S. customers seamless transactions within their wallets. This advancement solidifies PayPal's leading role in the evolving cryptocurrency landscape.
The company recently introduced new on- and off-ramps for Web3 payments. The feature enables users in the United States to convert their crypto to U.S. dollars directly from their wallets into their PayPal balance.
According to the announcement, the PayPal off-ramp feature is now immediately available to wallets, decentralized applications, and nonfungible token marketplaces, and it is live on MetaMask. These new features have been designed to enable customers to buy and sell multiple cryptocurrencies within the United States.
PayPal's move to integrate these new capabilities means that Web3 merchants can improve their user base by connecting to the seamless payment experience offered by PayPal. Additionally, merchants will benefit from PayPal's robust security controls and tools for fraud management, chargebacks, and disputes.
A promotional video on YouTube showcases PayPal's on- and off-ramp features, which include a screenshot of a user sending 0.0015 BTC ($50) to an external wallet. It is worth noting that MetaMask does not currently support BTC transactions on the original Bitcoin blockchain.
This latest development comes shortly after PayPal partnered with major hardware wallet firm Ledger in August 2023, providing a new on-ramp integration. This integration allows verified PayPal users in the U.S. to purchase Bitcoin and Ether directly on a Ledger hardware wallet through the native Ledger Live software.
In May 2023, MetaMask began rolling out Ether purchases via PayPal for U.S. users. MetaMask parent company ConsenSys and PayPal initially joined forces to enable ETH transactions in late 2022.
With the continued expansion of PayPal's digital asset services, the company is solidifying its position as a leader in the cryptocurrency market, offering innovative solutions and improved user convenience.
Photo: Ivan Radic/Flickr(CC BY 2.0)
