In a new step for cryptocurrency acceptance, ConsenSys, the company behind the well-known cryptocurrency wallet MetaMask, has announced a partnership with PayPal.
This option is now relatively limited, according to the firm, which states that,
On Wednesday, the Ethereum (ETH) software company said that mobile MetaMask users in the US would be able to purchase ETH from within the MetaMask app using the payment juggernaut.This means that users will be able to purchase and transfer this cryptocurrency from PayPal to MetaMask.
The rollout of this new functionality to all qualified U.S.consumers will begin today with a subset of U.S.users.
Users must first log in to the Mobile MetaMask App, then click the Buy button, choose “PayPal,” and enter the amount of ETH in USD that 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 can either finish the transaction or choose to purchase more ETH using PayPal.
Since users may choose their PayPal accounts as a payment option within the wallet software, using PayPal within MetaMask is rather simple.
This “will be the first Web3 wallet to leverage 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 seamlessly through MetaMask, but also quickly explore the Web3 ecosystem,” according to Lorenzo Santos, Product Manager for MetaMask.
This is a significant move because MetaMask, one of the most well-known self-custodial wallets, allows users to explore and interact with not only cryptocurrencies but also play-and-earn games, non-fungible tokens (NFTs), decentralised autonomous organisations (DAOs), and the rapidly expanding metaverse.This is the most recent of several extensions and integrations for PayPal this year.
PayPal stated in June that it has made it possible for US clients to move cryptocurrency from their accounts to third-party wallets and exchanges.The time was then, according to Jose Fernandez da Ponte, SVP and general manager of blockchain, crypto, and digital currencies at PayPal, “this functionality has repeatedly been ranked by users as one of the most desired additions.” For “millions of users to purchase, sell, and trade cryptocurrency on a secure, regulated platform,” Bitstamp incorporated PayPal in October.
Additionally, earlier this month, PayPal announced that it would extend its cryptocurrency service to Luxembourg, enabling qualified users to purchase, sell, and retain Bitcoin (BTC), Ethereum, and Litecoin (LTC), and Bitcoin Cash (BCH) in their PayPal accounts via 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 let clients pay with cryptoassets at millions of online retailers during the checkout process.
Additionally, other traditional payment providers besides PayPal are incorporating cryptocurrency into their services, giving their users the opportunity to learn about and engage with this market.For instance, the global payments provider MoneyGram declared in November that US citizens could purchase, sell, and store bitcoin, ethereum, and Litecoin on its platform.
News Summary:
– Customers can purchase ETH directly from MetaMask Wallet thanks to partnership with PayPal
– Check all news and articles from the latest Business news updates..
