As a payment platform, PayPal not only facilitates payment transactions but is also rapidly growing in the cryptocurrency sector. The company had previously offered an “On Ramps” service, enabling users to purchase cryptocurrencies. Now, with their new service called “Off Ramps,” they provide the ability to convert cryptocurrencies into U.S. dollars.
What Does the Off Ramps Service Do?
The Off Ramps service is a feature that allows users to directly convert their cryptocurrencies into U.S. dollars. This way, users can use the converted money for shopping, transferring money, or depositing it directly into their bank accounts. The service is currently active in wallets, dApps, NFT marketplaces, and MetaMask.
“By adding Off Ramps, cryptocurrency wallet users in the U.S. can directly convert their cryptocurrencies from their wallets into their PayPal balances in USD. This way, they can shop, send, save, or transfer them to their banks or bank cards,” says the company.
Integration and Security
PayPal also provides a solution for Web3 vendors. According to the company’s statement, these vendors can integrate to access “strong security controls and tools for fraud management, chargebacks, and disputes.“
The company also decided last month to launch a stablecoin in partnership with Paxos. Additionally, thanks to its integration with Ledger, U.S. customers can purchase cryptocurrencies like Bitcoin, Ether, and Litecoin through their PayPal accounts.