Users of the popular MetaMask Web3 wallet will soon be able to use PayPal to purchase Ethereum, the second most popular cryptocurrency.
The integration with MetaMask will allow users to buy and transfer Eth by logging into MetaMask, tapping the “buy” button, and logging into PayPal before making a purchase, similar to PayPal’s checkout feature at online stores like Etsy and eBay.
PayPal jumping into crypto
According to the company, select U.S.-based MetaMask customers will be able to use PayPal to buy Ether beginning Wednesday, and the feature will be rolled out to all U.S. users in the coming weeks.
A crypto wallet, such as MetaMask, is frequently used to interact with Web3 applications, such as marketplaces (like OpenSea), play-to-earn games and some metaverse platforms. By removing the complexity of purchasing cryptocurrency, adding PayPal to MetaMask could broaden mass adoption towards web3.
“This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
PayPal has embraced cryptocurrency in a variety of ways over the last few years. In 2020, it introduced the ability for customers to buy, hold, and sell cryptocurrency on its platform, and in 2021, it added a “checkout with crypto” feature that supported Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
After mostly keeping customer crypto funds within the PayPal ecosystem since 2020, the company began allowing customers to transfer any crypto purchased through PayPal to other wallets or exchanges in June.
PayPal competitor Stripe launched its own tool last week to assist Web3 companies, such as games and NFT marketplaces, in allowing their customers to buy crypto with fiat currencies such as the US dollar. The payments firm, which has alliances with Apple and Walmart, also stated that it will handle fraud, compliance, and know-your-customer (KYC) checks.