PayPal USD

Bitcoin

This expansion is part of <a href="https://financefeeds.com/paypal-stock-rises-after-revealing-its-own-cryptocurrency-paypalusd/">PayPal's ongoing efforts</a> to strengthen its presence in the cryptocurrency space and offer a broader array of financial services. Importantly, this service extends beyond wallets and is also accessible to decentralized applications (dApps) and non-fungible token (NFT) marketplaces, further broadening the scope of cryptocurrency-to-fiat conversions. 
Web3 merchants, in particular, are expected to benefit significantly from this integration. By leveraging these on and off ramps, they can tap into PayPal's extensive user base, providing customers with a convenient and secure method to buy and sell supported cryptocurrencies. Additionally, PayPal has indicated that it will equip Web3 merchants with security controls and tools for fraud management, chargebacks, and disputes. 
Previously, PayPal had launched "On Ramps," enabling U.S. consumers to directly purchase cryptocurrencies with PayPal through integrations with platforms like MetaMask and Ledger. With the addition of "Off Ramps," U.S. crypto wallet users can now convert their cryptocurrencies into USD directly from their wallets into their PayPal balance. This facilitates various financial activities such as shopping, money transfers, savings, or transferring funds to a bank or debit card. 
Currently, PayPal Off Ramps is available to wallets, dApps, and NFT marketplaces, with MetaMask being among the platforms where it is live. 
“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 U.S. (subject to applicable state law) through an integration with PayPal On and Off Ramps. Once integrated, web3 merchants can help grow their user base by connecting to PayPal’s fast and seamless payments experience trusted by millions,” the company said in a statement. 
In august, PayPal introduced an update to its terms and conditions, unveiling the Cryptocurrencies Hub feature. This new offering enables users to hold and engage with Bitcoin (BTC) and other cryptocurrencies directly within their PayPal accounts. 
Under the hood, PayPal leverages the expertise of stablecoin issuer Paxos Trust and other authorized providers to offer some integral custody, trading, and transfer services. The Cryptocurrencies Hub assumes a crucial role in the conversion between the PayPal-backed stablecoin, PayPal USD (PYUSD), and other cryptocurrencies. The payment giant clarified that while the balance in the hub represents ownership of each crypto asset’s value, actual possession of the underlying coins does not occur within the balance.

PayPal doubles down on crypto with "on and off-ramp" system

FinanceFeeds

Other articles published on Sep 12, 2023

Game Studio Pahdo Labs Closes $15 Million Series A Funding Round Led by a16z

‘XRP Could Hit a 2500% Price Pump in 2024,’ Predicts Crypto Analyst

Cardano (ADA) Has Potential To Live Into the Future: Crypto Analyst

Venture capital exec says ‘lack of innovation’ drives funding away from crypto

Those 2 Cryptos were Delisted from Binance, ADA is one of them…

Ripple or Shiba Inu: Which Is the Better Cryptocurrency Investment?

Join our free newsletter for daily crypto updates!