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PayPal has unveiled its new Pn and Off ramps for web3 payments for merchants and businesses.
The new service will enable businesses and merchants to accept cryptocurrencies from their customers. With this service, PayPal’s integrated merchants can expand their user base by offering them the option to buy and sell cryptocurrencies using fiat money.
On Ramp lets crypto exchanges let their users purchase digital assets with PayPal. At the same time, Off Ramp enables users to convert their crypto into fiat and receive it in their PayPal accounts.
This service builds on PayPal’s previous On Ramp solutions, which allowed its customers to access cryptocurrencies through PayPal via partnerships with Metamask and Ledger.
PayPal’s crypto journey
A leading online payment processor, PayPal has made significant strides in cryptocurrency. Recognizing the growing popularity and potential of digital assets, PayPal has taken steps to integrate crypto into its platform, allowing users to buy, sell, and hold cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
One of the key features introduced by PayPal is the ability for users to purchase Bitcoin directly with their accounts. This move has been a vital stepping stone towards mainstream adoption of significant cryptocurrencies.
In addition to enabling direct purchases, PayPal has also introduced the option for users to utilize their crypto holdings to make payments at millions of online merchants globally.
Unlike traditional cryptocurrency exchanges that often charge fees for buying, selling, and transferring digital assets, PayPal does not impose additional fees for crypto transactions. This makes it an attractive option for users looking for a cost-effective way to engage with cryptocurrencies.