MetaMask, a leading Web3 wallet has joined forces with payment giant, PayPal, allowing its users to seamlessly purchase and transfer Ethereum (ETH). However, this feature will be available only to select MetaMask users in the United States, but will be rolled out for all customers in the coming weeks.
On December 14, ConsenSys, a popular blockchain engineering firm and the parent company of MetaMask announced that it has teamed up with PayPal to integrate within the MetaMask wallet that will enable its customers with an easy and suitable way to buy ETH using Paypal-linked bank accounts. This move makes MetaMask, the first Web3 wallet, to leverage PayPal and drive successful on-ramp transactions.
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
New Integration to Boost Web3 Adoption
According to the official blogpost, the integration will allow customers to log onto their Mobile MetaMask App, which will then redirect them to their PayPal account to complete transactions. Lorenzo Santos, Product Manager for MetaMask said Web3 adoption is growing at an unprecedented rate along with a surge in the adoption of decentralized technologies like blockchain and cryptocurrency.
In order to boost this growth, MetaMask has joined hands with PayPal to provide customers a simple and convenient way to improve and diversify payment options for users within the MetaMask mobile app. Santos further wrote,
“This integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
PayPal has been dabbling with crypto for quite some time now. In October 2020, PayPal expanded its cryptocurrency services permitting users to buy, sell and hold cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). However, users were not allowed to move crypto holdings off its platform.
In June 2022, the fin-tech behemoth launched a new feature that allows its users to transfer, send and receive cryptocurrencies to external wallets and hardware devices.
Companies Flock to Facilitate Fiat to Crypto Service
Introducing a customizable and embeddable fiat-to-crypto onramp: https://t.co/YNUdv6R9PE. pic.twitter.com/raZ50juvxi
— Stripe (@stripe) December 1, 2022
It seems more and more companies are seeking to broaden their customer base by building a platform for a convenient way to buy, sell and transfer digital assets. Earlier this month, PayPal competitor Stripe launched its own tool to help Web3 companies, including games and NFT marketplaces, allow their customers to buy crypto with fiat currencies.
In November, global digital peer-to-peer payments company, MoneyGram, announced that U.S. users, including those in Washington, DC, could buy, sell and hold cryptocurrency such as Bitcoin (BTC) Ethereum (ETH) and Litecoin LTC) via its MoneyGram mobile app.