Leading Ethereum software company Consensys has partnered with PayPal to enable US customers to purchase Ethereum. According to a Wednesday announcement, “PayPal will seamlessly integrate within the MetaMask wallet, providing customers with a simple and convenient way to buy Ethereum with PayPal.”
However, the functionality will only be available to eligible PayPal application users in the U.S. Following the integration, Metamask becomes the first Web3 wallet to leverage PayPal to drive on-ramp transactions. Commenting on the newly achieved milestone, Lorenzo Santos, Product Manager for MetaMask, said, “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.”
The MetaMask and PayPal integration comes even as the two firms double down on their push for more diversified crypto payment options. Launched in 2016, MetaMask is the world’s leading non-custodial crypto wallet and boasts more than 30 million monthly active users, according to a recent report. Apart from being a mobile app, the wallet has a browser extension that acts as a cryptocurrency wallet for interacting with the Ethereum blockchain and any Ethereum-compatible networks.
Metamask offers a bushel of functionalities, including enabling users to interact with NFT marketplaces, play and earn games, Decentralized Finance (DeFi), decentralized autonomous organizations (DAOs) and metaverse worlds.
Notably, due to the spike in demand for digital assets by institutions, MetaMask has increasingly focused on meeting the needs of that particular group through its MetaMask Institutional (MMI) service. In the past year or so, MetaMask has onboarded more than five institutional custodians to enhance choice, security, and operational efficiency for crypto funds, market-makers, trading desks, DAOs and other organizations seeking exposure to the digital asset class.
PayPal officially unveiled crypto services in the US on June 7 2022, allowing customers the flexibility to move Bitcoin, Ethereum and Litecoin between Paypal and other wallets or exchanges. According to the most recent report by the company, there are about 429 million active PayPal users worldwide, with 75% of Americans using the service. Recently, the payments company expanded its crypto services to Luxembourg, signalling its intention to expand to the entire European union while complying with existing and pending regulations.