Financial service company PayPal has introduced a new service that allows users to transform their cryptocurrency into US Dollars. This comes after the company launched its on-ramp service that allows users to purchase crypto.
The company revealed in a blog post that it has introduced another cryptocurrency-related service that allows users to change their crypto into US Dollars.
“Today, we are taking another step in increasing access to digital currencies by simplifying how wallets, dApps, and NFT marketplaces can enable their customers to buy and sell supported crypto in the US (subject to applicable state law) through an integration with PayPal On and Off Ramps,” wrote PayPal.
While some users have been enjoying PayPal’s on-ramp service to buy crypto, the new off-ramp service now allows them to convert those same crypto assets into US Dollars.
Enhancing its payment service
“PayPal previously launched On-Ramps to enable US consumers to directly buy crypto with PayPal through integrations with Metamask and Ledger – with more coming soon,” said PayPal. “By adding Off Ramps, crypto wallet users in the US can convert their crypto to USD directly from their wallets into their PayPal balance so they can shop, send, save, or transfer to their bank or debit card.”
The new service is accessible to decentralised applications (dApps), wallets, NFT marketplaces, as well as MetaMask users. PayPal has also said that Web3 merchants have the option to integrate this new off-ramp service, which connects to strong security measures and tools for handling fraud, disputes, and chargebacks.
After launching Stablecoin in collaboration with Paxos last month, PayPal president and CEO Dan Schulman said, “The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the US dollar. Our commitment to responsible innovation and compliance, and our track record delivering new experiences to our customers, provides the foundation necessary to contribute to the growth of digital payments through PayPal USD.”
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
