PayPal launches crypto-USD service

PayPal is pushing further into the crypto sector: After wallet investments and its own stablecoin, the payments giant is now betting on a crypto-USD interface.

Global payments company PayPal is introducing further crypto-related services for U.S. customers. Through a so-called "off-ramp," "Wallet users can redeem their cryptocurrencies for PayPal credits," according to a statement.

The service is available at Wallets, dApps and NFT marketplaces, the company said.

Web3 merchants can use the integration to connect to "robust security controls and fraud management and chargeback tools," PayPal said.

Meanwhile, the California-based payment service provider is working with Paxos on its own stablecoin (PYUSD). The payments giant also wants to increase adoption of Web3 and the Promote development of wallets with a multi-million dollar investment.

PayPal shares have plunged more than 35% in the past 12 months. Currently, the stock has a value of nearly $62 with a short-term growth rate of one percent.