- You can exchange crypto to USD and transfer it from your wallet to your PayPal
- Dapps, wallets, NFT marketplaces can access the feature on MetaMask
Leading payment service PayPal is expanding its digital asset services by adding new methods to sell Bitcoin and other cryptocurrencies, Cointelegraph wrote, citing a publication from the popular payment processor’s newsroom.
Seamless crypto to fiat exchange
The payment giant introduced new on- and off-ramps for Web3 payments on September 11, allowing US-based users to exchange their crypto to US dollars and transfer it from their wallets to their PayPal balances.
The service is available immediately
Decentralized apps, wallets, and NFT marketplaces can access the PayPal off-ramp feature immediately on MetaMask.
The new feature aims to allow customers to transact in a number of cryptocurrencies in the United States.
Taking web3 mainstream
Web3 merchants can connect to PayPal’s payment system once integrated and potentially grow their customer base, as PayPal has tens of millions of users. PayPal noted that they can also avail themselves of its solid security controls and tools for disputes, chargebacks, and fraud prevention.
MetaMask does not support BTC transactions
A YouTube video promoting PayPal’s new features includes a screenshot of a user sending $50 in Bitcoin to an external wallet with a total of $7.50 in fees (network and transaction fee).
Interestingly, the video does not specify the wallet used to send the money. MetaMask does not support Bitcoin transfers on the original blockchain.
PayPal partnered with Ledger
In August 2023, PayPal partnered with leading hardware wallet company Ledger to offer a new on-ramp integration, which let verified US users buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through native software.
The Crypto Hub and the stablecoin
PayPal introduced a digital asset feature called Cryptocurrencies Hub, which allows users to buy, sell, trade, and hold crypto in their PayPal accounts, that same month. The Crypto Hub will also serve as a gateway enabling users to pay for goods and services in crypto.
August was a busy month for the company. It also announced the launch of its stablecoin PayPal USD (PYUSD), issued by Paxos Trust.
