Payments giant PayPal is continuing its move into the crypto space by introducing a new USD off-ramp integration feature.
In a new press release, PayPal announces the introduction of its”Off Ramps” feature for US customers to simplify access to decentralized apps (DApps), non-fungible token (NFT) marketplaces and more.
“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.”
According to the announcement, Web3 merchants will be able to facilitate payments through PayPal once the feature is integrated, giving them access to one of the largest payment bases in the world.
The move is PayPal’s latest in its push into the blockchain and crypto space, previously integrating with MetaMask and Ledger.
“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. 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.
PayPal Off Ramps is now available to wallets, DApps and NFT marketplaces and is live on MetaMask today.”
Ledger and PayPal are collaborating to allow US customers to buy crypto assets within the Ledger Live app.
In addition, PayPal introduced its own US dollar-pegged stablecoin, PYUSD, last month.
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