PayPal continues to expand its digital asset services, integrating new methods of selling cryptocurrencies like Bitcoin.
Global payments giant PayPal continues to expand its digital asset services by integrating new methods of selling cryptocurrencies like Bitcoin (BTC).
On September 11, PayPal officially introduced new on- and off-ramps for Web3 payments, allowing US users to convert their cryptocurrencies into US dollars directly from their wallets to their PayPal balance.
According to the announcement, the PayPal outflow feature is immediately available for wallets, decentralized applications, and non-fungible token (NFT) marketplaces and is available on MetaMask.
The new input and output features are designed to allow customers to buy and sell various cryptocurrencies in the United States.
“Once onboarded, web3 merchants can help grow their user base by connecting to PayPal’s fast, seamless payments experience that millions of people trust, while leveraging PayPal’s strong controls and security tools. PayPal for fraud, chargebacks and dispute management,” PayPal said.
The video promoting PayPal’s on and off ramps on YouTube included a screenshot of the PayPal interface that allowed users to send 0.0015 BTC ($50) to an external wallet with a $5 network fee and a transaction fee of 2.2 dollars. The video does not specify which wallet was used as part of the transaction. It is important to note that MetaMask does not support Bitcoin transactions on the original BTC blockchain.