PayPal will integrate its cryptocurrency buying, selling and holding services with MetaMask Wallet, with a view to expanding the possibilities for users to transfer digital assets from their respective platforms, the companies said Wednesday.
Users of the popular MetaMask Wallet Web3 will soon be able to purchase the second most popular cryptocurrency, Ether, through PayPal.
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m
— MetaMask 🦊💙 (@MetaMask) December 14, 2022
Paypal and Metamask wallet
According to a press release, the partnership between the payments company and MetaMask developer ConsenSys aims to allow users to select their PayPal account as a payment option to purchase Ether (ETH) from the MetaMask app.
The offering is designed to facilitate purchases and transfers of Ether from PayPal to MetaMask.
MetaMask aims to help attract more users to the Web3 ecosystem at a time when the industry is looking for an outlet during the cryptocurrency winter.
“This integration with PayPal will allow our U.S. users to not only purchase cryptocurrencies seamlessly through MetaMask, but also easily explore the Web3 ecosystem,” ConsenSys product manager Lorenzo Santos said in the press release.
This launch comes after PayPal enabled cryptocurrency transfers between its platform and several popular cryptocurrency exchanges in June. The financial technology company debuted its service for buying, selling and holding cryptocurrencies in October 2020.
Similar to PayPal’s payment feature on online stores such as Etsy and eBay, ConsenSys’ MetaMask integration will allow users to buy and transfer Ether by logging into MetaMask, clicking “buy” and logging into PayPal before making a purchase.
The company said in a statement that some U.S. MetaMask customers will be able to use PayPal to buy Ether starting Wednesday, and that the feature will be expanded to all U.S. users in the coming weeks.
A cryptocurrency wallet like MetaMask is often the starting point for interacting with Web3 applications, such as play-to-earn games and some metaverse platforms.
The addition of PayPal to MetaMask could expand the customer base for some of these applications, removing the complexity of buying cryptocurrencies.
PayPal and the Web3
PayPal applied to register the trademark “PayPal” and its logo for Web3-related purposes.
In 2020, it offered customers the ability to buy, hold and sell cryptocurrencies on its platform, and in 2021, it added a “cryptocurrency payment” feature compatible with Bitcoin, Litecoin, Ethereum and Bitcoin Cash.
Last week, PayPal competitor Stripe launched its own tool to help Web3 businesses, including gaming and NFT marketplaces, enable their customers to buy cryptocurrencies with fiat currencies such as the U.S. dollar.
The payments company, which has partnered with Apple and Walmart, said it will also address fraud, compliance and KYC (know your customer) controls.
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