PayPal takes a significant step forward by introducing an Off-Ramp feature that enables the conversion of cryptocurrency into US dollars.
If you're a PayPal user in the United States, this feature could revolutionize how you manage your digital assets.
Learn more about how this feature works, its benefits, and what it means for the future of digital currency transactions.
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Enabling Seamless Exchange Between Cryptocurrency and Fiat Money
PayPal announced on September 11, 2023, the introduction of an "On/Off-Ramp" feature that allows for the mutual exchange of cryptocurrency and fiat money.
The term "On/Off-Ramp" refers to the functionality that enables the exchange of digital assets and fiat currency.
Specifically, the "On-Ramp" feature allows for the conversion of fiat money into cryptocurrency, while the "Off-Ramp" feature enables the conversion of cryptocurrency into fiat money.
PayPal had already launched the "On-Ramp" feature in December 2022, in collaboration with MetaMask, allowing users to purchase cryptocurrency.
The new addition is the "Off-Ramp" feature, which enables the sale of cryptocurrency for conversion into US dollars.
Limitations and Future Developments
With this new feature, PayPal users residing in eligible regions within the United States can now convert their stored digital assets into US dollars and add them to their PayPal balance.
This enables various functionalities such as making purchases, transferring money, storing funds, and sending money to bank accounts or debit cards.
PayPal's on/off ramp feature is already available through MetaMask, but its availability is limited to certain US states.
In August 2023, PayPal also began offering On-Ramp services through a partnership with the popular hardware wallet, Ledger, via their "Ledger Live" platform.
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