In a blog post published on Monday, Paypal announced the expansion of its crypto payment support. The development aims to make digital currencies more accessible by simplifying the process of buying and selling supported cryptocurrencies in the US. The integration with PayPals On and Off Ramps provide an easy solution for web3 wallets, decentralized applications (dApps) & NFT marketplaces.
The company stated: “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.”
This new service is aimed directly at Web3 merchants.
‘’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,” they continued.
On and off-ramps provide a means for cryptocurrency platforms to bypass fiat regulations, enabling them to buy and sell cryptocurrencies. While on-ramps enable crypto platforms to offer cryptocurrency purchases with fiat, off-ramps allow them to receive fiats directly after selling their crypto assets. As the platforms don't directly handle fiat currencies, they avoid the strict regulations typically associated with such payments.
