PayPal Partners With Metamask To Allow Users Purchase Ethereum
Ethereum (ETH) is now coming to PayPal users thanks to a new partnership. PayPal has been dipping its toes steadily into the crypto waters and already offers crypto buying, selling, and holding to its customers. With another development, the company is now making it possible for users to purchase ETH directly, as well as transact on the Ethereum blockchain.
In a Wednesday announcement, Metamask revealed that PayPal users will soon be able to purchase Ethereum directly using the online payments platform. However, instead of having to purchase the cryptocurrency directly inside of PayPal and being unable to transfer it, the Consensys announcement said that Metamask users will actually be able to purchase the digital asset right from inside the self-custody wallet.
According to the announcement, PayPal will be available as a method of payment right from inside the app. By clicking on the “Buy” button in Metamask, users are able to select from different methods of payment to purchase ETH on the go. “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.”
“Once done, the ETH will be available on the balance of the Metamask user, which they can then use to explore the Web3 space, as well as transfer to other wallets,” said Lorenzo Santos, Product Manager for MetaMask.
PayPal itself already has support for four cryptocurrencies, including Ethereum, Bitcoin, Litecoin and Bitcoin Cash. It also has the “Checkout with crypto” feature that allows users to shop online using their crypto balances. However, PayPal users can only buy, sell and hold the cryptocurrencies in their accounts and are unable to transfer them out.
ETH price falls below $1,300 | Source: ETHUSD on TradingView.com
Good News For Ethereum
The new integration between PayPal and Metamask is good news for Ethereum which has been seeing some slowdown in usage over the last couple of weeks. The digital asset was adversely affected by the collapse and eventual hack of the FTX exchange when the hacker had begun dumping ETH.
Mainstream adoption of cryptocurrencies is often propelled forward by providing easy ways for people to purchase them. Additionally, the partnership also serves to onboard more users into the Ethereum Web3 ecosystem, thereby increasing participation in the space.
The partnership with Metamask comes just a day after PayPal founders Elon Musk and Peter Thiel slammed the payments platform for its authoritarian practices. Thiel said that the company had moved away from the original vision of giving users control over their money, while Musk blasted the company saying it “has become a Black Mirror episode.”
Featured image from CNN, chart from TradingView.com