PayPal is aiming to make it easier for Web3 users to buy and sell cryptocurrency.
The company is simplifying how wallets, decentralized applications (dApps) and non-fungible token (NFT) marketplaces can enable their customers to buy and sell crypto in the United States via an integration with PayPal On and Off Ramps, according to a Tuesday (Sept. 12) press release.
“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,” the company said in the release.
PayPal previously rolled out On Ramps to enable U.S. consumers to directly purchase crypto with PayPal through integrations with the Metamask and Ledger wallets, according to the release. More wallet integrations are coming soon.
“By adding Off Ramps, crypto wallet users in the U.S. 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,” the release said.
The integration is the latest in a series of recent moves by PayPal involving the digital asset space, including last month’s debut of a U.S. dollar-pegged stablecoin.
The coin, redeemable 1:1 for U.S. dollars and issued by Paxos Trust, allows customers to fund purchases with PayPal USD by selecting it at checkout and converting any of the cryptocurrencies supported by PayPal to and from PayPal USD.
“The shift toward digital currencies requires a stable instrument that is both digitally native and easily connected to fiat currency like the U.S. dollar,” PayPal President and CEO Dan Schulman said at the time.
“For PayPal, the fact that an ecosystem is already firmly entrenched means that there may be a wider path for stablecoins to make inroads into commerce, moving beyond a status of an ‘onramp’ into crypto,” PYMNTS wrote following the launch.
Reports that PayPal was exploring a stablecoin emerged earlier this year, although the company paused those efforts amid heightened scrutiny around the crypto industry.
For all PYMNTS crypto coverage, subscribe to the daily Crypto Newsletter.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More