Payment service giant PayPal has expanded its crypto offerings by launching an innovative off-ramp service, allowing users to seamlessly convert crypto tokens to USD directly from their wallets into PayPal accounts.
The company revealed this groundbreaking development on Monday, stating that the new “Off Ramp” service is now live on MetaMask, catering specifically to U.S. users. This service extends its availability to various blockchain-related entities, including wallets, decentralized applications (dApps), and NFT marketplaces.
In a press release accompanying the announcement, PayPal emphasized the added value of their robust security controls and advanced tools for managing fraud, chargebacks, and disputes, providing reassurance to crypto users seeking a secure and reliable conversion platform.
As of now, the Off Ramp service is exclusively accessible to U.S. users. Decrypt has reached out to PayPal for further insights, and any updates from the company will be promptly included in this article.
This announcement closely follows the recent introduction by popular crypto wallet MetaMask of a feature enabling users to convert their digital assets into fiat currency, facilitating easy transfer to either a bank account or a PayPal account. This strategic move by both MetaMask and PayPal signals a growing trend towards creating more seamless avenues for crypto-to-fiat conversions, potentially fostering wider adoption of cryptocurrencies in mainstream financial transactions.