Users of PayPal will soon be able to purchase ETH through its service, as the payments firm has revealed it is working on a MetaMask Web3 wallet integration.
The integration will allow PayPal users to buy and transfer their ETH from PayPal to MetaMask.
PayPal MetaMask Integration
PayPal has revealed that it is working with ConsenSys’s MetaMask wallet, as it plans to integrate its buy, sell, and hold crypto services with the wallet provider and help both companies broaden the options for their users when it comes to transferring digital assets from their platforms. The press release states that the partnership between PayPal and MetaMask developer ConsenSys will allow users to select their PayPal accounts as a payment option when purchasing ETH while using the MetaMask app.
The offering will facilitate the seamless purchase and subsequent transfer of ETH from PayPal to MetaMask. According to MetaMask, the partnership will also bring more users into the Web 3.0 ecosystem as the sector looks to move forward during the ongoing crypto winter. Lorenzo Santos, ConsenSys product manager, stated in the press release,
“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.”
Details Of The Integration
The integration will work similarly to PayPal’s checkout feature at stores such as Etsy and eBay. Users can purchase and transfer ETH by logging into their MetaMask wallets, tapping the “buy” button, and logging into PayPal to make a purchase. According to the company, for the moment, the service will be rolled out only to select US-based MetaMask customers, who could use the service to purchase ETH. However, the company plans to roll out the feature to all US-based users over the coming weeks.
Crypto wallets such as MetaMask are often considered the gateway to interacting with the Web 3.0 ecosystem, such as metaverse platforms and Play-to-Earn games. PayPal’s integration with MetaMask could remove the complexity involved in accessing Web 3.0 and purchasing crypto, helping broaden the user base of these applications.
PayPal’s Pivot Towards Crypto
PayPal has made a major pivot towards crypto over the past few years, which is why the current move comes as no surprise. In 2020, the company allowed its customers to buy, sell, and hold cryptocurrency on its platform. In 2021, the company went ahead and added a “checkout with crypto” option, adding support for major cryptocurrencies such as Bitcoin (BTC), Ethereum ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
More recently, the company announced that it was introducing a new feature that would allow users to transfer their crypto assets from their accounts to any other external wallet or exchange. The move came after the company had mostly siloed in crypto funds within its own ecosystem since introducing services in 2020. The move was announced by Jose Fernandez da Ponte, VP and general manager of blockchain, crypto, and digital currencies at PayPal.
“We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform.”
Competitors Exploring Crypto And Web 3.0
PayPal’s competitor Stripe has also announced that it is exploring the Web 3.0 ecosystem. Last week, the company announced the launch of a tool designed to help Web 3.0 companies, games, and NFT marketplaces to allow their users to purchase crypto using fiat currencies. The company, which has partnerships with giants such as Apple and Walmart, stated that it would also be handling compliance, fraud, and KYC (Know Your Customer) checks at its end.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Sourced from cryptodaily.co.uk.
Written by Amara Khatri on 2022-12-15 08:23:00.
