PayPal Joins Forces with MetaMask to Incorporate New Crypto Services
The service has been formally handed out to a restricted group of PayPal customers in the United States, with more likely within the next several weeks.
The platform for digital payments PayPal has announced a new relationship with the Web3 wallet MetaMask. According to the statement made on Wednesday, the connection would allow MetaMask users to purchase or transfer Ether ETH, the second-most popular cryptocurrency.
The service is presently accessible to a limited number of PayPal customers in the United States. This might be because the United States is one of MetaMask’s major user markets in the area. However, an expansion to all US-based consumers is anticipated within the next several weeks.
This partnership will deliver comparable outcomes to the current PayPal checkout option on some online retailers such as eBay and Etsy. Thus, users may easily transfer or purchase ETH in three simple steps.
They begin by logging into their MetaMask app. The user then clicks the “purchase” button and is sent to their PayPal account. The user then logs into their PayPal account to complete the purchase.
Meanwhile, Lorenzo Santos, the product manager for MetaMask, commented on the relationship. He claims that the advantages extend beyond crypto and may provide a means to develop Web 3.0 technologies. Santos said:
“This connection with PayPal will enable our US consumers to not only purchase cryptocurrencies via MetaMask effortlessly, but also explore the Web3 ecosystem without difficulty.”
The assertion made by Santos may not be too far from the truth. Frequently, crypto wallets such as MetaMask enable interaction with Web 3.0 apps, such as play-to-earn (P2E) games and some metaverse platforms. Therefore, it is envisaged that merging PayPal and MetaMask would expose some of these apps to both user bases on a large scale.
This new cooperation is not PayPal’s first attempt into the cryptocurrency world. The payments platform has experimented with cryptocurrency in several ways over the last few years.
Remember that in 2020, it enabled customers on its site to purchase, keep, and trade cryptocurrencies. In 2021, it added the “checkout with cryptocurrency” function, which supported Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH).
In addition, PayPal was among the payment businesses that submitted crypto trademark applications with the USPTO in October.