Introduction
PayPal, the global payment giant, is expanding its digital asset services and allowing users in the United States to sell cryptocurrencies like Bitcoin (BTC) through their wallets, specifically the MetaMask wallet.
New On and Off Ramps for Web3 Payments
PayPal has introduced new on and off ramps for Web3 payments, giving users the ability to convert their crypto to USD directly from their wallets, into their PayPal balance.
Immediate Availability on MetaMask
The off ramp feature is immediately available on wallets, decentralized applications, and nonfungible token (NFT) marketplaces, and can be accessed through MetaMask.
Buy and Sell Several Cryptocurrencies in the US
The new on and off ramp features are designed to enable customers in the United States to buy and sell several cryptocurrencies.
Growth Opportunities for Web3 Merchants
Web3 merchants can integrate with PayPal to provide their users with a seamless payments experience while benefiting from robust security controls and tools for fraud management, chargebacks, and disputes.
PayPal's Demonstration Video
PayPal released a promotional video on YouTube showcasing the on and off ramps feature. The video demonstrated how users can send 0.0015 BTC ($50) to an external wallet with a $5 network fee and a $2.2 transaction fee. However, the wallet used in the transaction was not specified.
Collaboration with Ledger and MetaMask
This latest development follows PayPal's partnership with Ledger, a major hardware wallet firm. In August 2023, PayPal integrated with Ledger to enable verified users in the US to buy Bitcoin, Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) directly on the hardware wallet via the native Ledger Live software. Additionally, PayPal and MetaMask's parent company ConsenSys partnered in late 2022 to enable ETH transactions via PayPal.
