PayPal is a well known payment provider and is joining a growing number of more traditional payment companies by providing crypto services. The announced tie-up with ConsenSys, the company behind MetaMask, would add an integration in its crypto wallet so that users can buy cryptocurrencies using their PayPal account.
MetaMask is one of the most popular non-custodial crypto wallets and allows for the storing of crypto assets and interact with Web 3.0, as you can use your wallet as an authentication method. “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.” According to Lorenzo Santos, product manager for MetaMask.
Users buying cryptocurrencies tend to rely on centralised cryptocurrency exchanges like Coinbase, Kraken Bitfinix or Binance to transfer value from the fiat world to crypto and transfer them to their MetaMask wallet. MetaMask also has its own on-ramp features in its mobile app so it is not necessary to have to switch to another service and go through many intermediate steps. On-ramp partners include MoonPay, Wyre and Transak.
There are already 430 million PayPal accounts in the world according to the company’s most recent earnings report. If MetaMask users see that they can buy cryptocurrencies with their PayPal account, the hope is that it will widen its appeal to less familiar clients. PayPal is focusing on user-experience, and bridging the gap between traditional bank accounts and crypto wallets while more activity helps to generate additional revenue.
MetaMask users will only be able to buy Ethereum (ETH) with PayPal as the payment method. It will be available to some users in the U.S. before it is rolled out to everyone in the U.S. There are reportedly 430 million PayPal accounts worldwide, with 75 percent of Americans currently using the service. If an easy means to access Web3.0 is added to the interface, users would gain instant access to the emerging crypto sector besides buying and transferring coins.
(Source: Cointelegraph, AIBC Group, Techcrunch)