Adding to its crypto product suite, payment service PayPal has launched a new off-ramp service to convert crypto tokens to USD directly from wallets into PayPal accounts.
The payments giant announced on Monday that its new “Off Ramp” service is “live on MetaMask today” for U.S. users and is available to “wallets, dApps and NFT marketplaces.”
In its press release accompanying the announcement, PayPal claimed that crypto users can benefit from the company’s “robust security controls and tools for fraud management, chargebacks and disputes.”
The Off Ramp service is currently available for U.S. users only. Decrypt has reached out to PayPal for comment and will update this article should the company respond.
PayPal’s announcement follows crypto wallet MetaMask’s introduction last week of a feature enabling users to cash out their digital assets for fiat currency and send it to a bank account or PayPal account.
PayPal expands into Web3
PayPal first launched its crypto offering in late 2020, allowing users to buy, sell, and hold four cryptocurrencies—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Since then, the firm has expanded its services to include crypto transfers, and more recently, fiat on and off ramps.
Last month, PayPal launched a crypto On Ramp integration, enabling direct crypto purchases with MetaMask and Ledger, “with more coming soon,” read today’s press release, hinting towards integrations with additional wallet providers.
Besides MetaMask, the firm has listed crypto wallet providers Phantom, Ledger and Magic on its website, pointing to possible future integrations with On and Off Ramps.
The payment platform also recently announced its own stablecoin, PYUSD, to compete with the crypto native stablecoins.