MetaMask To Roll Out ETH Purchases Via PayPal
MetaMask, a provider of decentralized applications (dApps) and crypto wallets, has recently announced a partnership with PayPal, a well-known payment service provider. This partnership enables MetaMask users in the United States to purchase ETH via PayPal and directly hold, sell or purchase ETH in their MetaMask wallets. This partnership marks a significant milestone in promoting the self-custody of crypto assets, making MetaMask the first web3 wallet to offer ETH transaction options via PayPal.
As part of the integration, MetaMask users in the United States can use PayPal as their preferred payment method when purchasing ETH, and also transfer ETH from PayPal to MetaMask. The collaboration between the two companies is expected to encourage more people to adopt self-custody of their crypto assets. In a press release, MetaMask stated that “the integration supports the transfer of ETH from PayPal to MetaMask, aiding in more self-custody adoption.”
PayPal partnered with ConsenSys, MetaMask’s parent company, in December 2022, to help users purchase cryptocurrencies and explore the Web 3.0 ecosystem. With this partnership, PayPal joins a vast ecosystem of payment providers that have already integrated with MetaMask, such as Coinbase Pay, MoonPay, Transak, and Wyre, among others. According to a report filed with the United States Securities and Exchange Commission (SEC), PayPal held approximately $943 million in crypto assets as of March 31, 2023, which is a 56% increase from the previous quarter.
In addition to the PayPal integration, MetaMask recently launched a new feature called “Buy Crypto,” which allows users to purchase a range of cryptocurrencies via a number of payment methods, such as credit and debit cards or bank transfers. The service covers over 189 countries and supports more than 90 different cryptocurrencies spread over eight networks. The feature considers the user’s location and local regulations before providing them with a customized quote.
MetaMask has been seeking to expand its global reach and offer on-ramps for its growing customer base. It has been making a greater push for integrations and partnerships to achieve this goal. Recently, MetaMask sought to expand direct access to cryptocurrencies in Nigeria through a partnership with MoonPay, a crypto fintech firm. The partnership allows users based in Nigeria to purchase cryptocurrencies instantly using bank transfers. According to the 2022 Chainalysis Global Crypto Adoption Index, Nigeria is one of the leading nations when it comes to crypto adoption.
