Buy Bitcoin, Ether, Litecoin and other cryptos with PayPal
- MetaMask users in the US can now buy ETH with their PayPal accounts.
- The ConsenSys and PayPal partnership comes after the financial firm also expanded its crypto platform.
ConsenSys, creators of MetaMask, becomes the first Web3 company to partner with online financial services giant PayPal.
ConsenSys announced in a press release that the partnership integrates PayPal as a payment option in the MetaMask wallet app. Users of MetaMask in the US can now pay for Ether (ETH) purchases with their PayPal accounts from their wallet.
MetaMask has already rolled out the feature to select users in the US. Plans are underway to onboard the rest of its US customers in the coming weeks.
According to ConsenSys product manager, Lorenzo Santos, the integration makes buying crypto through MetaMask seamless. It also enables users to easily explore the Web3 ecosystem through the self-managed wallet.
This integration with PayPal will allow our US users to not only buy crypto seamlessly through MetaMask, but also easily explore the Web3 ecosystem,” Santos said in the press release.
MetaMask intends to help bring more users into the Web3 ecosystem. MetaMask users can currently pay for crypto purchases with Visa and MasterCard issued debit/credit cards. Digital wallets such as Google Pay and Apple Pay and bank transfers from selected banks in the US and Europe are also supported.
From PayPal’s side, the partnership marks a deeper dive into the Web3 world. The e-commerce titan first debuted its crypto buy, sell and hold service in October 2020.
The ConsenSys partnership comes after PayPal enabled crypto transfers between the platform and several popular crypto exchanges and wallets in June. At the time, Jose Fernandez da Ponte, senior vice president of blockchain, crypto and digital currencies at PayPal, was bullish on the move.
He stated that PayPal, which is a payment and commerce company, aims to increase access to crypto. Cryptocurrencies supported by the platform currently include Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
PayPal is not alone in being more open to Web3 adoption
Other mainstream platforms have also moved away from custody-only models of crypto integration. Earlier, multi-asset brokerage platform Robinhood also announced the expansion of its crypto services. Robinhood now allows crypto investors to send their holdings to other wallets.
Similarly, PayPal competitor Stripe also launched its own tool to help Web3 companies let their customers buy crypto with fiat currencies. The tools will also handle fraud, compliance and know-your-customer (KYC) checks for its partners, according to a Fortune report.
