Payments giant PayPal has expanded its crypto offerings with the launch of a new service allowing users to easily convert their cryptocurrency holdings into US dollars.
The “off-ramp” functionality enables crypto users in the US to directly convert to USD within their PayPal digital wallets. The converted balance can then be used for shopping, P2P payments, savings, or transferring to bank accounts.
PayPal aims to provide an integrated user experience between traditional finance and crypto ecosystems with this new service. The conversion is open not only to crypto wallets but also to decentralized apps and NFT marketplaces that integrate with PayPal.
It has already been launched in collaboration with MetaMask, a leading Ethereum wallet.
For Web3 merchants, integrating PayPal’s on and off-ramps can help expand their user base by leveraging its mainstream adoption while also accessing PayPal’s fraud protection tools.
The move builds on PayPal’s growing crypto efforts like its upcoming PYUSD stablecoin rollout in partnership with Paxos and the Cryptocurrencies Hub feature for buying, selling, and holding crypto balances.
By bridging the gap between crypto assets and traditional payments, PayPal is boosting adoption and making digital currencies more usable and accessible for the everyday user. Seamless conversion between USD and major cryptos lowers barriers to crypto commerce and spending.
