With the new integration, PayPal's users can easily convert crypto to US dollars.
PayPal, a leader in online payments, has enabled US users to sell their digital assets and transfer the resulting US dollars directly into their PayPal accounts.
According to the announcement shared on September 11th, PayPal launched a new feature allowing Web3 payment channels, including dApps and non-fungible token (NFT) marketplaces, to let users convert cryptocurrencies to US dollars.
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The new offering was also rolled out on the MetaMask wallet platform, making it easier for MetaMask's large user base to liquidate their digital assets.
PayPal indicated that this addition aims to extend the user base for Web3 merchants by integrating PayPal's well-known and trusted payment infrastructure. The company emphasized the benefits of this, stating:
Web3 merchants can help grow their user base by connecting to PayPal’s fast and seamless payments experience trusted by millions, while leveraging PayPal’s robust security controls and tools for fraud management, chargebacks and disputes.
To showcase the new capabilities, PayPal released a promotional video that included a demonstration of a $50 Bitcoin (BTC) transaction, noting that it incurred both a $5 network fee and a $2.19 transaction fee.
It is worth noting that while the video featured a Bitcoin transaction, MetaMask primarily operates with Ethereum-based assets.
The new service comes a few weeks after a similar initiative was launched through a partnership with Ledger, a leading hardware wallet company. The collaboration, which commenced in August 2023, allowed verified US-based PayPal users to buy several types of cryptocurrencies directly through Ledger's dedicated software.
In a parallel development, MetaMask had also enabled its US-based users to buy Ether (ETH) via PayPal as of May 2023.
With the launch of this new feature, PayPal is deepening its involvement in the cryptocurrency world. The move allowing US crypto investors, especially those using MetaMask, to convert their digital assets to US dollars represents another step toward harmonizing traditional and digital financial systems.
