- MetaMask users in the U.S. can now buy ETH with their PayPal accounts.
- The ConsenSys and PayPal partnership comes after the financial services company also expanded its crypto platform.
ConsenSys, the creators of MetaMask, becomes the first Web3 company to partner with online financial services giant PayPal.
ConsenSys announced in a press release that the partnership integrates PayPal as a payment option within the MetaMask wallet app. Users of MetaMask in the U.S. can now pay for Ether (ETH) purchases with their PayPal accounts from within the wallet.
MetaMask already rolled out the feature to select users in the U.S. Plans are underway to onboard the rest of its U.S. customers in the coming weeks.
According to ConsenSys product manager, Lorenzo Santos, the integration makes buying crypto through MetaMask seamless. It also enables users to easily explore the Web3 ecosystem through the self-custodial wallet.
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, Santos said in the press release.
MetaMask intendS to help bring more users into the Web3 ecosystem. MetaMask users can currently pay for crypto purchases with their Visa and MasterCard-issued debit/credit cards. Digital wallets like Google Pay and Apple Pay and bank transfers from select banks in the U.S. and Europe are also supported.
On the part of PayPal, the partnership marks a deeper dive into the world of Web3. The e-commerce titan first debuted its crypto purchase, sell, and hold service in October 2020.
The ConsenSys partnership comes after PayPal enabled crypto transfers between its platform and several popular crypto exchanges and wallets in June. At the time, Jose Fernandez da Ponte, senior vice president of blockchain, crypto, and digital currencies at PayPal, remarked bullishly on the move.
He stated that PayPal, being a payments and commerce company, aims to increase access to crypto. Cryptocurrencies supported by the platform currently include Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
PayPal is not alone in being more open to Web3 adoption
Other mainstream platforms have also been moving away from custodial-only models of crypto integration. Previously, multi-asset brokerage platform Robinhood also announced the expansion of its crypto services. Robinhood now allows crypto investors to send their holdings to other wallets.
Similarly, PayPal competitor Stripe also launched its own tool to help Web3 companies allow their customers to buy crypto with fiat currencies. The tools will also handle fraud, compliance, and know-your-customer (KYC) checks for its partners according to a Fortune report.
