PayPal partners with Metamask to support Ethereum transactions
PayPal launches integration with MetaMask wallet to enable Ethereum transactions.
The feature will facilitate seamless transfers of the second-most-popular cryptocurrency, Ether from PayPal to MetaMask.
Users of the Web3 wallet, MetaMask, will soon be able to purchase Ethereum through PayPal as the companies seek to give customers more options to buy, sell, and transfer digital assets seamlessly. The feature will be available to U.S.-based users in the upcoming weeks.
The collaboration between the payments operator and MetaMask creator ConsenSys will allow users to select PayPal when buying Ether on MetaMask. MetaMask, a wallet widely used among NFT holders, is hoping the collaboration will bring more traditional users into the entire Web3 network, as crypto is facing difficult times and the ongoing bear market.
“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,”said ConsenSys product manager Lorenzo Santos.
MetaMask allows users to interact with various Ethereum-based decentralized applications, including metaverse platforms, dApps, and blockchain games. PayPal’s addition to MetaMask could increase the customer number for some DeFi applications by facilitating the process of buying crypto.
In October, PayPal and Western Union filed trademark applications for crypto-related operations. PayPal introduced downloadable software for trading cryptocurrencies and other digital assets, as well as payment processing services.
In the summer, PayPal added a few crypto functionalities, including cryptocurrency trading (Ethereum, Bitcoin, Bitcoin Cash, and Litecoin), on its mobile app. Another feature allowed users to transfer crypto funds to external wallets and exchanges. The payments firm debuted its crypto integration, sell-and-hold service, in late 2020.
At the time of writing, Ether is down from a 24-hour high of $1,345 to $1,315.
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