PayPal is continuing its expansion into the world of digital assets, offering new avenues for buying and selling cryptocurrencies such as Bitcoin.
On September 11, PayPal introduced fresh on-ramps and off-ramps for Web3 payments, allowing users in the United States to seamlessly convert their crypto holdings into U.S. dollars directly within their PayPal wallets.
As per the official announcement, PayPal’s off-ramp feature is now accessible to wallet users, decentralized applications, nonfungible token marketplaces, and is fully operational on MetaMask.
These innovative features have been designed to facilitate the purchase and sale of various cryptocurrencies within the United States.
PayPal emphasized the potential for web3 merchants to expand their user base by integrating with PayPal’s trusted and speedy payment platform, which is relied upon by millions.
Additionally, they can leverage PayPal’s robust security features, including tools for managing fraud, handling chargebacks, and resolving disputes.
A YouTube video promoting PayPal’s on-ramp and off-ramp capabilities includes a screenshot from its interface demonstrating a user sending 0.0015 BTC ($50) to an external wallet, with a $5 network fee and a $2.19 transaction fee.
It’s important to note that MetaMask does not support BTC transactions on the original Bitcoin blockchain.
This latest development follows PayPal’s partnership with Ledger, a major hardware wallet provider, in August 2023.
This collaboration enables verified PayPal users in the U.S. to directly purchase Bitcoin, Ether, Bitcoin Cash, and Litecoin (LTC) via a Ledger hardware wallet, using the native Ledger Live software.
Previously, MetaMask had started offering Ether purchases via PayPal for U.S. users in May 2023. This integration was made possible through the partnership between MetaMask’s parent company, ConsenSys, and PayPal, initially established in late 2022 to enable ETH transactions.
