As a result of the MetaMask PayPal connection, Americans may now buy Ethereum straight through the company’s mobile app. Although not yet accessible to all users in the United States, MetaMask intends to roll out the capability “in the coming weeks gradually.”
The PayPal integration will only be accessible via the MetaMask mobile app, according to the statement. Users in the United States can already buy cryptocurrencies directly from their wallets using CoinbasePay, Transak, MoonPay, or Wyre by using the MetaMask browser extension.
All US customers will now be eligible “in the coming weeks,” according to a blog post by ConsenSys.
Our US users will now be able to fund their wallet with ETH via @PayPal! ?
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)??https://t.co/392JwFYF3m
— MetaMask ?? (@MetaMask) December 14, 2022
MetaMask PayPal integration allows users to purchase ETH
Since 2020, PayPal has enabled customers to “check out with crypto” for online purchases made in bitcoin, ether, litecoin, and bitcoin cash.
Last week, PayPal rival Stripe introduced its own fiat-to-crypto on-ramp that lets users convert money into cryptocurrencies.
Instant bank transfer, Apple Pay, a debit card, or a credit card are currently available on-ramps for customers who touch the buy button on the MetaMask app. PayPal will soon be an extra choice. The business claims that purchases are subject to a 1 percent service charge from MetaMask.
The creator of the mobile MetaMask app wallet intends to make it possible for a limited number of US users to add Ethereum to their wallets via PayPal transfers or purchases made using bank accounts connected to PayPal.
The recent addition of PayPal to MetaMask may also help to lessen the difficulty of onboarding by removing the need for those who are new to cryptocurrencies to go through the laborious process of buying cryptocurrency through an exchange and then carefully transferring funds to their MetaMask wallet.
What does MetaMask PayPal integration mean for the crypto industry?
Adam Hollander, the creator of a Web3 startup, wrote on Twitter that the new PayPal functionality “knocks down a substantial barrier to entry for NFTs.”
Later, the business changed its position and announced that it will only save user wallet and IP addresses for one week following a transaction.
Lorenzo Santos, product manager at MetaMask, spoke about the new cooperation with PayPal.
“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.”
– Lorenzo Santos
On privacy considerations, the Web3 and cryptocurrency communities have been reluctant to implement KYC procedures, yet many financial institutions, including US-regulated centralized exchanges like Coinbase, mandate them.
The announcement is significant for PayPal users in the US and represents the company’s most recent foray into the cryptocurrency market. Only Bitcoin, Ethereum, Bitcoin Cash, and Litecoin were available when PayPal initially started allowing users to purchase and trade cryptocurrencies in 2020, and until June of this year, users could not transfer their cryptocurrency to other wallets like MetaMask.
It comes as no surprise that MetaMask prioritizes Ethereum purchases for its consumers. In contrast to rival Phantom and Coinbase wallets, MetaMask continues to be an EVM-only wallet, meaning layer-2 protocols, other blockchains outside Ethereum, and its sidechains are not supported.
ConsenSys, the parent business of MetaMask, is still primarily focused on Ethereum and is led by Joe Lubin, an Ethereum co-founder.
Thank you for reading our article on MetaMask PayPal integration. This agreement made by MetaMask, which joined the crypto market in 2016, with a big company like PayPal may cause some moves by its competitors too. Stay tuned for more crypto news such as ”AI crypto projects that you should be aware of in 2022”.