A month after launching its own U.S. dollar-pegged stablecoin, PayPalUSD ($PYUSD), online payment platform PayPal confirmed on Monday that its On and Off Ramps feature is now available for web3 merchants to be integrated into their applications.
“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.”
Paypal Crypto On and Off Ramps Feature
PayPal first launched its On Ramps feature, aiming to enable U.S. consumers to directly buy crypto with PayPal through integrations with MetaMask and Ledger. An on-ramp Crypto Service is a platform where users can exchange fiat money for cryptocurrency.
An off-ramp crypto Service, on the other hand, is a platform where users can exchange cryptocurrency for fiat money; in PayPal’s case, only U.S. dollars can be converted.
“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 platform explained.
According to Paypal, its on and off ramps feature is available to crypto wallets, dApps, and NFT marketplaces and is also live on MetaMask.
As of this writing, it is already integrated into multiple web3 apps, including MetaMask, Phantom, Ledger, and Magic.
“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.”
PayPal Crypto Journey: A Timeline
As early as 2018, PayPal could already be used to buy Bitcoin. In a guide published by BitPinas, PayPal did not have the option to directly exchange fiat for bitcoin at that time, the publication listed the steps Filipinos could take to use their Paypal to buy bitcoin.
Then, in December 2018, Coinbase announced that it was supporting Paypal cash-outs to its U.S. resident users. This feature was said to be the birth of the “buy using Paypal” feature.
A year later, PayPal became one of the founding members of the Libra Association, a project initiated by Facebook to create a global digital currency that could be used for online payments. However, PayPal was also the first to exit the project.
In 2022, the platform announced its plans to support native transfer of cryptocurrency between PayPal and external wallets and exchanges. This means that users holding bitcoin and ether on the platform at that time can finally self-custody their coins.
And recently, PayPal took a significant step in the digital currency space by launching $PYUSD that is “fully backed“ by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
This article is published on BitPinas: Web3 Apps Can Now Integrate PayPal Crypto On and Off-Ramp Features
This content was originally published here.