The payment giant has rolled out its On and Off Ramps service, enabling U.S. users to buy and sell cryptocurrencies using their PayPal balance.
PayPal, a leading global payment company, has officially launched its new service for buying and selling Bitcoin (BTC) and other cryptocurrencies. This feature allows users to utilize their PayPal balance, which is equivalent to digital U.S. dollars.
Named On and Off Ramps, the service is tailored for users of Web3 wallets, decentralized applications (DApps), and non-fungible token (NFT) markets. According to a press release, the aim of this service is to offer users the flexibility to convert their crypto assets into dollars and vice versa, directly using their PayPal balance. This balance can then be transferred to bank accounts or used for payments at retail outlets.
Currently, the service is only available in the United States and is particularly geared towards merchants in the Web 3.0 ecosystem, including cryptocurrency and NFT wallet developers like MetaMask, Ledger, and Phantom.
PayPal claims that these merchants can expand their user base by “connecting with PayPal’s fast and secure payment experience, trusted by millions.” Additionally, they can take advantage of PayPal’s robust security measures and fraud management tools.
With this new offering, PayPal commits to handling “the complexities associated with cryptocurrency transactions,” including issues related to blockchain technology.
On and Off Ramps services like the one PayPal has just introduced are crucial for enabling users to convert their fiat money into cryptocurrencies and vice versa. These services are particularly useful for those looking to liquidate their crypto investments or use them to purchase goods and services at venues that do not accept virtual currencies.
Written by NFTEXPRESS.