Stepping up its crypto game, PayPal has launched its first crypto to fiat conversion ramp. This development comes through an integration with PayPal’s On and Off Ramps making it easier for web3 wallets, dApps, and NFT marketplaces to buy and sell supported cryptocurrencies in the United States, in accordance with relevant state laws.
While the global payment giant had initially introduce On Ramps, enabling U.S. consumers to purchase cryptocurrencies directly using PayPal, with the addition of Off Ramps, crypto wallet users in the U.S. now have the ability to convert their cryptocurrencies into USD directly from their wallets, transferring funds to their PayPal balance.
According to PayPal, this will bring about a seamless shopping experience for users who own crypto, allowing them to shop online, send, save, or transfer to their bank or debit card seamlessly.
Prior to 2023, the payment company has been in the digital asset business after obtaining a full Bitlicense in the US, allowing it to engage in virtual currency activities; integrated with Metamask; and enabled its US customers to conduct cryptocurrency transfers and transactions.
In April 2022, in collaboration with Venmo, Paypal extended cryptocurrency functionality to Venmo users, enabling them to perform transactions such as transfers, purchases, and sales across external wallets and exchanges.
Sixteen months later, it entered the stablecoins market with the launch of its first stablecoins called PYUSD. The launch of PYUSD illustrates the company’s commitment towards extending its services into the blockchain space as well as integrating with latest technology available for financial evolution.
With a vast user base of 426 million individuals, PYUSD has the potential to bridge the gap between traditional finance and the expanding crypto space. PYUSD is fully backed by U.S. dollar deposits, managed in partnership with Paxos Trust Company, and can be easily exchanged for U.S. dollars at a 1:1 ratio through PayPal or Venmo apps.
