PayPal is your cryptocurrency's good friend, now you can not only buy coins but also cash out!
The payment giant PayPal has recently been actively expanding into the cryptocurrency field. In addition to the issuance of the most eye-catching stablecoin PYUSD, it is now also leveraging its advantage in the payment sector to assist other companies in the web3 space with fiat currency deposits and withdrawals.
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Previously Only Able to Buy Coins, Now Can Withdraw as Well
Previously, PayPal's services were limited to purchasing cryptocurrencies using fiat currency. Now, they have expanded to include withdrawal services. By adding Off Ramps, U.S. cryptocurrency wallet users can convert their cryptocurrencies directly from their crypto wallets into U.S. dollars, depositing them into their PayPal balance for shopping, sending, holding, or transferring to a bank or debit card.
According to their press release, through integration with PayPal On and Off, their partnered web3 customers can integrate their wallets, dApps, and NFT markets with PayPal, enabling the buying and selling of supported cryptocurrencies in compliance with applicable state laws in the U.S. PayPal will assist web3 customers in handling identity verification, fraud, refunds, and compliance for each transaction, optimizing the customer experience with their risk prediction algorithms and long-term relationships with financial institutions.
The wallets currently partnered include Metamask, Phantom, Ledger, and Magic.
Ledger Teams Up with PayPal! Buy coins directly in the Ledger APP and automatically send them to a cold wallet
PayPal, a Good Friend of Web3 Enterprises
Payment giant PayPal has recently made a big move into the stablecoin market and is very friendly to crypto enterprises. Leveraging its deep relationships with banks, PayPal allows Kraken, Coinbase, and the Australian exchange Independent Reserve to directly deposit using PayPal, saving the crypto industry from the plight of being shunned by many banks in the past.
According to PayPal's website, they processed over 20 billion payment transactions in 2022, serving over 200 markets with over 40 million active accounts. PayPal also emphasizes its long-term partnerships with financial institutions, possessing robust risk prediction models, and being able to handle complex issues such as KYC, AML, and fraud management for customers. With PayPal's support, it seems to be a great boon for many web3 enterprises!