PayPal has partnered with MetaMask parent company ConsenSys to enable MetaMask users to purchase and transfer Ether via PayPal’s platform.
Users in the United States can now buy Ether from within the MetaMask app by logging into their PayPal accounts. According to the announcement, in a matter of weeks, all eligible U.S. users will be able to access the service.
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊— MetaMask 🦊💙 (@MetaMask) December 14, 2022
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
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,said Lorenzo Santos, MetaMask’s product manager.
The integration with ConsenSys’ MetaMask will allow users to buy and transfer Ether by logging into MetaMask, tapping the “buy” button, and logging into PayPal before making a purchase, similar to PayPal’s checkout feature at online stores like Etsy and eBay.
MetaMask is also the first Web3 wallet to use PayPal to drive successful on-ramp transactions. It should be noted that with the PayPal integration, MetaMask currently only allows the purchase of Ethereum (ETH).
MetaMask is the most popular Ethereum wallet, with over 30 million monthly active users. It also enables crypto enthusiasts to interact with other applications such as play and earn, NFT marketplaces, DeFi applications, and decentralised autonomous organisations (DAOs).
PayPal has dabbled in cryptocurrency in a variety of ways over the last few years. PayPal launched custodial services allowing users to hold Ethereum, Bitcoin, Litecoin, and Bitcoin Cash in their accounts in October 2020.
The company then launched “Checkout with Crypto” in March 2021. This service enables customers in the United States to use their cryptocurrency balances to pay for online purchases, with PayPal charging a fee to convert digital assets into dollars.
PayPal launched cryptocurrency transfer services for U.S. users in June. Customers who meet the requirements can withdraw or deposit the four crypto assets between their PayPal accounts and external wallets.