Per a today announcement (Tuesday September 12th), latest stablecoin entree PayPal has launched ‘On and Off Ramps for Web3 Payments’.
The move builds off the back of the payment provider's previous ‘On-Ramp’ implementation, which began allowing US consumers to purchase crypto using Metamask and Ledger wallets.
With the new ‘Off-Ramp’ addition, US crypto users will now be able to convert their digital currencies into USD, which can then be sent directly to their PayPal balances.
As per the announcement, PayPal’s On and Off Ramps- which from today is available to wallets, dApps and NFT marketplaces - is “another step in increasing access to digital currencies by simplifying how wallets, dApps, and NFT marketplaces can enable their customers to buy and sell supported crypto in the US”.
Further, this 360 crypto offering from one of the world’s largest payments processors is intuitively bullish for DeFi adoption rates, as it gives millions of users the chance to engage in payment processes that solely revolve around crypto. Additionally, these payments take place on PayPal’s familiar and user-friendly interface, which is a stark contrast from the seemingly daunting web pages of CEXs’ such as Binance.
It also comes just weeks after PayPal launched its own Paxos-issued stablecoin ‘PayPal USD’ (PYUSD), which is already listed across many major CEXs. Launched with the intent of providing frictionless virtual payments through a currency unaffected by crypto market volatility, PYUSD can be purchased on PayPal directly, as well as sent user-to-user without any fees.
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This article is intended for educational purposes and is not financial advice.