PayPal Holding Inc. has launched new on-ramp and off-ramp services to support Web3 payments for US retail and institutional clients. Launching new features seeks to redefine the payment company capabilities to allow US users to transfer their crypto assets directly to cash through their respective PayPal accounts.
The development marked a significant milestone for PayPal to become a crypto-friendly payment platform, allowing users to buy and sell Bitcoin and other digital assets. In the announcement, the PayPal team affirmed that the off-ramp feature is currently available on decentralized applications (dAPPs), nonfungible token (NTF) marketplace, and Metamask.
PayPal Introduces On and Off Ramp Services
The payment company was pleased to announce that the integration of the new features seeks to allow US customers to buy and sell cryptos. The PayPal team explained the benefits of the integration to the Web3 investors. They stated that the integration will support Web3 traders to expand their user base.
Additionally, Web3 investors will be privileged to explore the core features of PayPal, including fast payment services, solid securities, and risk management tools.
In a promotion video of the on and off-ramp services, the PayPal team captured a screenshot of a user transferring 0.0015 Bitcoin to a wallet at $5 network charges and $2.19 transaction cost. Even though the screenshot failed to disclose the specific details of the wallet, it was evident that the PayPal account offers a convenient and effective payment option.
By integrating the on and off ramps services, PayPal seeks to establish its foray into the crypto sector. In August, PayPal entered into a partnership agreement with Ledger to offer on-ramping services to US users.
The partners agreed to leverage their expertise to enable the US customers to engage in the buying of Bitcoin(BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) more effortlessly. The PayPal team confirmed that the on-ramp services will be available on Ledger and Metamask.
PYUSD Market Performance
The announcement came when Metamask revealed plans to launch the on and off-ramp services, which Phantom, Magic, and Ledger wallets will support. Last week, the Metamask team launched a new feature to enable users to transfer their digital assets to a bank or their respective PayPal account.
Earlier in August, the PayPal team launched PYUSD, a stablecoin pegged to the dollar. The PYUSD will be issued as an ERC-20 on the Ethereum network.
The newly launched stablecoin will be available to US users and can easily be converted to respective PayPal accounts and external wallets. According to the announcement, the PayPal team plans to launch the PYUSD on Venmo, a peer-to-peer (P2P) payment platform.
At press time, the PYUSD experienced a 0.7% pump to trade at $0.9999 in a day. The CoinMarketCap data illustrated that a few hours ago, the bulls had rallied to reach a resistance level of $1.00.
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