Consensys, a leading Ethereum software startup, has teamed with PayPal to allow US clients to buy Ethereum.
According to a statement made on Wednesday, “PayPal will integrate smoothly inside the MetaMask wallet, offering clients with a straightforward and easy option to purchase Ethereum using PayPal.”
The capability will only be accessible to qualifying PayPal application users in the United States. As a result of the integration, Metamask is the first Web3 wallet to use PayPal to facilitate on-ramp transactions. Lorenzo Santos, Product Manager for MetaMask, commented on the recently accomplished milestone, stating, “This connection with PayPal will enable our U.S. consumers to not only purchase cryptocurrencies effortlessly via MetaMask, but also to quickly explore the Web3 ecosystem.”
The MetaMask and PayPal connection comes as the two companies intensify their efforts to expand crypto payment choices. According to a recent estimate, the 2016-launched MetaMask is the world’s top non-custodial cryptocurrency wallet, with over 30 million monthly active users. In addition to a mobile application, the wallet also includes a browser plugin that functions as a cryptocurrency wallet for connecting with the Ethereum blockchain and any Ethereum-compatible networks.
Metamask has an abundance of features, such as the ability to connect with NFT markets, play and earn games, Decentralized Finance (DeFi), decentralized autonomous organizations (DAOs), and metaverse worlds.
Notably, as a result of the surge in demand for digital assets among institutions, MetaMask’s MetaMask Institutional (MMI) service has been more focused on addressing the requirements of this group. MetaMask has onboarded more than five institutional custodians over the last year to improve the selection, security, and operational efficiency of crypto funds, market-makers, trading desks, DAOs, and other organizations seeking exposure to the digital asset class.
On June 7, 2022, PayPal launched crypto services in the United States, enabling consumers to transfer Bitcoin, Ethereum, and Litecoin between PayPal and other wallets or exchanges.
According to the company’s most recent report, there are around 429 million active PayPal customers globally, 75% of them are American. Recently, the payments provider extended its crypto services to Luxembourg, signalling its aim to grow across the European Union while adhering to current and forthcoming rules.
Also Read: U.S. Senator Toomey Explains Why the FTX Crash Does Not Justify Crypto Bans
