Decentralized application (dApp) provider and crypto wallet MetaMask has announced a partnership with payment service provider PayPal.
The partnership will allow MetaMask users in the United States to purchase ETH via PayPal and purchase, sell, and hold ETH directly in their wallets.
With the announcement, MetaMask claims to have become the first Web 3.0 wallet to offer ETH transaction options via PayPal. The collaboration allows MetaMask users based in the United States of America to use PayPal as their preferred payment method when purchasing ETH. The integration will also allow users to transfer ETH from PayPal to MetaMask. This is a significant boost when it comes to promoting the self-custody of crypto assets. In a press release, MetaMask stated,
“MetaMask is the first web3 wallet to enable users to buy ETH using PayPal, a leader in the digital payment space. In addition to purchasing ETH directly, the integration also supports the transfer of ETH from PayPal to MetaMask, aiding in more self-custody adoption.”
According to reports, PayPal partnered with MetaMask’s parent company, ConsenSys, in December 2022. Back then, the parties announced that the partnership would help users to purchase cryptocurrencies and explore the larger Web 3.0 ecosystem.
The partnership with MetaMask sees PayPal join a vast ecosystem of payment providers that have already integrated with MetaMask. These include giants such as MoonPay, Coinbase Pay, Transak, Wyre, Sardine, and a host of others. In a report filed with the United States Securities and Exchange Commission (SEC), PayPal stated that it held around $943 million in crypto assets as of 31st March 2023. This represents a significant 56% jump from the previous quarter when it reported crypto assets worth $604 million.
The news of the MetaMask and PayPal integration comes just weeks after MetaMask announced the launch of a new feature that allowed users to purchase crypto directly from its Portfolio dApp using fiat currency. The new feature, called “Buy Crypto,” allows users to purchase a range of cryptocurrencies via a number of payment methods, such as credit and debit cards or bank transfers.
The service will cover over 189 countries and will support over 90 different cryptocurrencies spread over eight networks. These networks include the likes of Arbitrum, BNB Smart Chain, Polygon, Ethereum, Fantom, Optimis, Celo, and Avalanche. “Buy Crypto” considers the user’s location and local regulations before providing them with a customized quote.
MetaMask’s Push For New PartnershipsMetaMask has been making a greater push for integrations and partnerships in an effort to expand its global reach and offer on-ramps for its growing customer base. Recently it sought to expand the direct access to cryptocurrencies in Nigeria through a partnership with MoonPay, a crypto fintech firm. The partnership allows MetaMask to allow users based in Nigeria to purchase cryptocurrencies instantly using bank transfers. Nigeria is one of the leading nations when it comes to crypto adoption, according to the 2022 Chainalysis Global Crypto Adoption Index.
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.
