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Users of MetaMask Web3 wallet can buy Ether through PayPal

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Indrani bose Follow

INDIA

Dec, 16 2022

Dec, 16 2022

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Users of MetaMask Web3 wallet can buy Ether through PayPal due to a?new collaboration that took place between?ConsenSys Inc. the company behind?the crypto wallet MetaMask and?PayPal Holdings Inc.


With the collaboration, MetaMask becomes the first Web3 platform to work with PayPal to facilitate bitcoin purchases.


The majority of American users can use PayPal to buy and transfer Ethereum by logging in to MetaMask tapping the “buy” button and logging into PayPal before making a purchase.


The PayPal integration will only be accessible through the MetaMask mobile app. Users in the United States can buy cryptocurrencies directly from their wallets using CoinbasePay, Transak, MoonPay, or Wyre by using the MetaMask browser extension from the next quarter.


Except for Hawaii customers, all users in the United States can access the service. According to ConsenSys, the service will become nationwide in the upcoming weeks. Only blockchains supported by the Ethereum Virtual Machine (EVM) can use MetaMask.


MetaMask Product Manager Lorenzo Santos stated that all purchases will be subject to the 1% MetaMask service fee and any relevant PayPal costs. Although MetaMask was unable to say anything about whether the ETH purchases made through the MetaMask mobile app will be subject to Apple's 30% in-app purchase fee or not.


The term "Web3" alludes to the creation of a decentralized internet centered on blockchain technology that powers cryptocurrencies. MetaMask Product Manager Lorenzo Santos stated that the new function will make it simple for users to explore more of Web3.


PayPal has embraced crypto in several ways :

In 2020, PayPal started letting users buy, hold, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on its platform. In 2021 they added a new feature which is checkout with crypto that supported cryptocurrencies. In May of this year, they announced intentions to expand their services to let users transfer that cryptocurrency into third-party wallets or exchanges. The CEO of ConsenSys and one of Ethereum's co-founders is Joseph Lubin.


Other firms working to help Web3 companies :

Stripe unveiled its own platform last week in order to assist Web3 businesses, including games and NFT marketplaces, allow their clients to buy cryptocurrency with fiat currencies like the U.S. dollar. The payment processing business, which has alliances with Apple and Walmart, announced that it will also take care of fraud, compliance, and know-your-customer (KYC) checks. 


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Indrani bose

CBW - External Analyst

INDIA

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