Metamask’s parent company, ConsenSys, has announced a new partnership with payments giant, PayPal, allowing users in the United States to buy Ethereum on their wallet through PayPal.
This comes several months after PayPal, in response to user demand, said it will begin to support the native transfer of cryptocurrencies between PayPal and other wallets and exchanges.
Still, this partnership is one of the few times a Web3 platform is partnering with one of the largest financial service providers, PayPal, to support easier cryptocurrency purchases.
The service, which will launch globally in ‘a few weeks,’ is starting off with users in the United States, apart from those in other states, such as Hawaii. Lorenzo Santos, Product Manager for MetaMask, said.
“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.”
Since the MetaMask wallet is compatible with all Ethereum Virtual Machine (EVM) blockchains, this partnership will allow users to buy and hold many cryptocurrencies.
How to Use PayPal Within MetaMask
To add crypto to your MetaMask wallet with PayPal:
- Login into the Mobile MetaMask App
- Click or tap on the Buy button, then select ‘PayPal’
- Enter the desired dollar amount worth of ETH to add to your wallet – you will be redirected to PayPal to log in
- Buy your crypto via PayPal, or if you have enough ETH to complete the transaction, send it without buying more
Done!
You have successfully bought crypto directly in MetaMask and can now explore Web3 easily on the go!
According to Consensys, The MetaMask and PayPal integration is the latest in a series of moves aimed at improving and diversifying payment options for users within the MetaMask mobile app.
The partnership is also strategic for PayPal as it could support the payments platform’s expansion into the vast Web3 space. The company started offering its users the ability to buy select cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in 2021.
In June 2022, PayPal said it had been granted a full crypto license by the New York Department of Financial Services (NYDFS).
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