Global payments giant PayPal continues to expand its digital asset services, integrating new ways to sell cryptocurrencies such as Bitcoin (BTC).
PayPal officially launched on September 11 introduce A new entrance and exit for Web3 payments, allowing US users to convert their cryptocurrencies into USD directly from their wallet into their PayPal balance.
According to the announcement, the PayPal export feature is immediately available for wallets, decentralized applications, and non-fungible token (NFT) markets, and is live on MetaMask.
The new on-ramp feature is designed to enable customers to buy and sell multiple cryptocurrencies in the United States.
“With the integration, web3 merchants can help grow their user base by connecting to the fast, seamless payment experience trusted by millions of people, while taking advantage of PayPal’s powerful security controls and fraud management, chargeback and dispute tools,” PayPal noted.
PayPal’s promotional video for the ramp on YouTube includes screenshots of the PayPal interface, allowing users to send 0.0015 BTC ($50) to an external wallet and pay $5 network fees and $2.20 transaction fees. The video does not specify the wallet used in the transaction. It is worth noting that MetaMask does not support Bitcoin transactions on the original BTC blockchain.
PayPal did not immediately respond to Cointelegraph’s request for comment.
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The latest rollout comes shortly after PayPal partnered with major hardware wallet company Ledger to offer new ramp integration in August 2023. The integration allows verified PayPal to purchase Bitcoin, Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) in the United States directly on hardware wallets through native Ledger Live software.
As mentioned earlier, MetaMask began launching the service for US users to purchase Ethereum through PayPal in May 2023. MetaMask parent company ConsenSys and PayPal initially partnered in late 2022 to support ETH transactions.
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