PayPal launches crypto-to-cash conversion service

The payments giant PayPal added an off-ramp feature to convert digital assets directly into US dollars via wallets.

Thus the platform now supports two-way crypto-asset transfers.

Earlier the company integrated the ability to buy cryptocurrency with fiat — On Ramp. The MetaMask app was among the first to add support for the service. The initiative Ledger joined.

The service is available for crypto wallets, NFT marketplaces and decentralized applications.

Companies and developers can contact PayPal to add On and Off Ramp support on their platforms. In turn, the payments giant commits to providing reliable security controls, as well as tools to combat fraud, chargebacks and dispute resolution.

Earlier PayPal added the ability to buy, sell and transfer cryptocurrencies via its mobile app. The service supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Earlier in August the company announced the launch of the USD-backed stablecoin PYUSD on the Ethereum blockchain. The issuer of the coin was the infrastructure blockchain company Paxos.

The asset has drawn a controversial reaction from members of the crypto community. Some saw PYUSD as promoting broad adoption of digital assets, while others pointed to centralisation risks.

According to analysts Nansen, more than 90% of PYUSD supply remains on the balance sheet of the issuing Paxos. Only 7% of the coin’s supply sits on user wallets linked to the Kraken, Gate.io and Crypto.com exchanges.