- Crypto wallet MetaMask has partnered with payment company PayPal, as per ConsenSys, the parent firm of the wallet.
- The partnership will be aimed at “providing customers with a simple and convenient way to buy Ethereum with PayPal.
- Users can use the MetaMask wallet to purchase Ether by tapping “Buy,” entering amount, and inputting PayPal credentials.
- This new functionality is only available to select US users starting Tuesday and will be rolled “out to all eligible US customers in the coming weeks.”
MetaMask, a software cryptocurrency wallet used to interact with the Ethereum (ETH) blockchain, has announced its partnership with PayPal, an American multinational financial technology company operating an online payments system, amid a bearish market for cryptocurrencies and declining trading volumes of blockchain-based digital assets.
According to a Tuesday announcement from ConsenSys, a blockchain software technology company based in New York City and the parent firm of MetaMask crypto wallet, the partnership will be aimed at “providing customers with a simple and convenient way to buy Ethereum with PayPal.” Additionally, it was also revealed that this new functionality is only available to select US users starting Tuesday and will be rolled “out to all eligible US customers in the coming weeks.”
Furthermore, ConsenSys also added that “MetaMask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions” and will allow US users to purchase Ether (ETH) easily with the help of the PayPal application, which will be connected to their bank accounts.
“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, Product Manager for MetaMask.
MetaMask is a crypto wallet that rose to popularity amid the 2021 crypto market bull run and it currently has millions of users as well. The wallet allows its users to interact with applications that include “NFT marketplaces, play and earn games, decentralized autonomous organizations (DAOs), decentralized finance (DeFi) applications, and metaverse worlds,” as per the announcement.
ConsenSys also confirmed that this announcement is “the latest in a series of announcements that aims to improve and diversify payment options for users within the MetaMask mobile app.” The blockchain company also described the method to add crypto to the MetaMask wallet with PayPal.
In order to do so, a user must first login into the Mobile MetaMask App and click or tap the “Buy” button and then, select “PayPal.”Thereafter, users will be directed to enter the amount worth of Ether (ETH) to be added to their wallet following which, a PayPal login would be required.
“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,” ConsenSys added in the announcement.
MetaMask founder, Dan Finlay, stated that he will be dumping the Apple ecosystem due to the high NFT tax that the company imposed on crypto transactions.
“I’m ready to dump the Apple ecosystem. The 30% tax is an abuse of monopoly. I’ve had some recent positive interactions with people at Google too. They’re actually engaging with this ecosystem. Apple also decided to not act on a security vulnerability I reported to them,” said Finlay.