MetaMask, a crypto wallet, has begun offering Ether (ETH) transactions via PayPal to users in the United States, one of the wallet’s biggest markets. The startup claims to be the first Web3 wallet to accept ETH payments through PayPal. As a result of the partnership, American users can now use PayPal to purchase ETH through MetaMask.
MetaMask rolls out ETH’s purchase support through PayPal
MetaMask is the first web3 wallet that allows customers to purchase ETH with PayPal, a market leader in digital payments. In addition to purchasing ETH directly, the integration enables the transmission of ETH from PayPal to MetaMask, thereby promoting the adoption of self-custody.
According to reports, the financial technology company partnered with the parent company of MetaMask, ConsenSys, in December of last year. The two parties claimed the partnership would enable users to purchase cryptocurrencies and explore the Web3 ecosystem with ease.
PayPal joins a vast ecosystem of payment providers already incorporated with MetaMask, such as Coinbase Pay, MoonPay, Sardine, Transak, and Wyre. In a quarterly report filed with the U.S. Securities and Exchange Commission, the company disclosed having $943 million in crypto assets as of March 31, 2023, a 56% increase from the previous quarter when it reported $604 million in crypto assets.
The new integration hits the market mere weeks after the emtity’s announcement of a new feature enabling users to purchase crypto with fiat currency directly from its Portfolio Dapp. Known as “Buy Crypto.” The new feature enables users to acquire an array of cryptocurrencies using a number of payment methods, including debit and credit cards and bank transfers.
The service will encompass more than 189 countries and support over 90 cryptocurrencies across eight networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo. For each transaction, the feature considers the user’s location and local regulations in order to provide a customized quote.
How can you get started?
PayPal’s U.S. users can now buy ETH in a handful of clicks. You will be prompted to sign up with PayPal if you don’t currently have an account with them. To add ETH to your MetaMask wallet with PayPal in the U.S, follow the following steps:
1. First, login into the MetaMask browser extension, mobile app, or MetaMask Portfolio. (If you haven’t downloaded MetaMask yet, ensure you do).
2. Then, next click or tap “BUY” to get started.
3. Select country (US only) and state (PayPal’s crypto services are available in 49 states, not in Hawaii).
4. Choose “PayPal” as your payment method.
5. Select ETH and enter the amount you want to buy (This is the only crypto currently available for purchase through PayPal on MetaMask).
6. Sign in to your PayPal account.
7. Select the payment option of choice: PayPal balance, eligible bank, or debit card.
8. Finally, review the purchase and click “Confirm”.
9. With that, you are done. Success!!
The wallet has been pursuing integrations and partnerships to broaden its reach and provide customers with access points. One of its recent developments aimed to increase direct crypto access in Nigeria. By forming a partnership with the crypto-fintech MoonPay, the wallet now allows users in the African nation to purchase crypto using immediate bank transfers. According to the Chainalysis 2022 Global Crypto Adoption Index, Nigeria ranks among the top 20 countries for crypto adoption.
