PayPal has expanded its digital asset services in the United States, now allowing users to directly convert their cryptocurrencies like Bitcoin into U.S. dollars within their PayPal wallets.
This move is part of PayPal’s efforts to provide more flexibility for cryptocurrency transactions. The off-ramp feature, accessible through wallets, decentralized applications, and NFT marketplaces, is currently live on MetaMask.
According to PayPal:
“Once integrated, web3 merchants can help grow their user base by connecting to PayPal’s fast and seamless payments experience trusted by millions, while leveraging PayPal’s robust security controls and tools for fraud management, chargebacks and disputes,”
This development follows PayPal’s recent partnership with Ledger, a prominent hardware wallet company, in August 2023, enabling verified U.S. users to purchase Bitcoin, Ether, Bitcoin Cash, and Litecoin directly through Ledger hardware wallets using the Ledger Live software.
Additionally, MetaMask began facilitating Ether purchases via PayPal for U.S. users in May 2023, following an initial partnership between MetaMask parent company ConsenSys and PayPal in late 2022 to enable ETH transactions. However, it’s important to note that MetaMask does not support BTC transactions on the original Bitcoin blockchain.