The popular cryptocurrency wallet MetaMask’s creator, ConsenSys, has announced a cooperation with PayPal as a further step toward broader use of cryptocurrencies.
The Ethereum (ETH) software company said on Wednesday that mobile MetaMask users in the U.S. could acquire ETH from within the MetaMask app using the payment juggernaut. Simply put, they may buy and transfer this cryptocurrency from PayPal to MetaMask.
This option is now relatively limited, according to the firm, which states that,
“The rollout of this new feature to all qualified U.S. consumers will begin today with a subset of U.S. users.”
Since users may choose their PayPal accounts as a payment option within the wallet software, using PayPal within MetaMask is relatively simple.
Users must first log in to the Mobile MetaMask App, click the Buy button, choose “PayPal,” and input the amount of ETH in USD they wish to add to their wallet. After doing so, they will be taken to PayPal and asked to log in.
Then, if they have enough ETH to transmit, they may either finish the transaction or opt to purchase more ETH using PayPal. This “will be the first Web3 wallet to utilise PayPal to generate more successful on-ramp transactions,” according to the news release.
The interface with PayPal would enable the chosen customers to “not just buy crypto effortlessly through MetaMask, but also quickly explore the Web3 ecosystem,” according to Lorenzo Santos, Product Manager for MetaMask.
Given that MetaMask is one of the most well-known self-custodial wallets that allow users to explore and interact with not just cryptocurrencies but also play-and-earn games.
In addition, they can also do non-fungible tokens (NFTs), decentralised autonomous organisations (DAOs), and the rapidly expanding metaverse; this is a significant development.
This is just the most recent in a long line of expansions and integrations for PayPal in 2018.
In June, PayPal declared that it had made it possible for U.S. customers to move cryptocurrency from their accounts to third-party wallets and exchanges.
To allow “millions of individuals to purchase, sell, and trade cryptocurrency on a safe, regulated platform,” Bitstamp, a cryptocurrency exchange, incorporated PayPal in October. And just this month, PayPal announced that it would extend its cryptocurrency service to Luxembourg.
Eligible users will be able to purchase, trade, and store Bitcoin (BTC), Ethereum, Litecoin (LTC), and Bitcoin Cash (BCH) in their PayPal accounts through the website or the mobile app.
In late 2020, PayPal started allowing users to buy, sell, and store cryptocurrencies. Then, in March 2021, the business debuted Checkout with Crypto, a tool that lets clients pay with crypto assets at millions of online retailers during the checkout process.
WHAT IS PAYPAL?
For more than 20 years, PayPal has been at the vanguard of the shift to electronic payments. The PayPal platform enables 429 million consumer and merchant accounts in more than 200 nations to participate.
They can also prosper in the global economy by utilising technology to make financial services and commerce more efficient, accessible, and secure. Visit PayPal at https://www.paypal.com for additional details.