Two of the industry’s biggest names are partnering to make purchasing cryptocurrencies even easier. PayPal is collaborating with the cryptocurrency wallet MetaMask to develop a new and more efficient cryptocurrency purchasing experience.
Quick Take:
- The company announced that select U.S. MetaMask customers can buy Ether with PayPal.
- ConsenSys’s MetaMask will let users buy and transfer Ether by logging in to MetaMask.
- PayPal and MetaMask’s partnership makes buying cryptocurrencies easier.
According to the announcement, the two entities are looking into different options for users to transfer their digital assets.
PayPal X Metamask: Users Can Now buy Crypto
The partnership between PayPal and MetaMask is excellent news for users seeking a simpler way to buy cryptocurrencies. The partnership was formed with the goal of facilitating an easier and more mainstream entry into the industry for PayPal users.
According to the press release, MetaMask developer ConsenSys plans to allow users to choose PayPal as a payment option when purchasing Ethereum through the MetaMask platform. Furthermore, this advancement incorporates a seamless transfer of digital assets between the two platforms.
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The development incorporates features similar to those found on popular platforms such as Etsy and eBay. Addtionally, this replicates the checkout feature that allows customers to use their PayPal account to make purchases. Similarly, when purchasing cryptocurrency through MetaMask, the same rules will now apply.
“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“
Lorenzo Santos, MetaMask product manager
The development represents yet another moment of acceptance for PayPal and cryptocurrency. The collaboration continues the integration of digital assets, which has been a focus of the financial firm since 2020.
Paypal and Its Crypto Journey
Over the last few years, PayPal has embraced cryptocurrency in a variety of ways. In 2020, it allowed customers to buy, hold, and sell cryptocurrency on its platform for the first time. Next, in 2021, it added a “checkout with crypto” feature that supported Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
After largely isolating customer crypto funds within the PayPal ecosystem, the company began allowing customers to transfer any cryptocurrency purchased through PayPal to other wallets or exchanges.
PayPal rival 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 company, which works with Apple and Walmart, also stated that it will handle fraud, compliance, and know-your-customer (KYC) checks.
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