Popular web3 wallet MetaMask has partnered with payments service provider PayPal to allow users to purchase and transfer Ethereum through its app.
According to the announcement, the service will be available to select users in the U.S., with plans to roll it out for all users in the coming weeks.
For now, the integration will only work for MetaMask mobile app users. MetaMask’s browser extension already supports direct payments through Wyre, CoinbasePay, Moonpay, and Transak.
Consensys, the parent company of MetaMask, believes the integration could help in onboarding new users as it removes the inconvenience of buying crypto through an exchange and transferring to a non-custodial wallet.
“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,” said Lorenzo Santos, Product Manager for MetaMask.
Launched in 2016, MetaMask is an EVM-compatible wallet that provides a way for users to interact with web3 applications.
It’s no surprise that MetaMask is prioritizing ETH purchases with the PayPal integration because the company is run by Joe Lubin, the co-founder of Ethereum.
How to buy ETH on MetaMask with PayPal
To buy ETH on MetaMask with PayPal:
- Download the MetaMask Mobile App and login
- Click the Buy button, then select PayPal
- Enter the amount of ETH (dollar amount) to add to your MetaMask; a new window will open to login to PayPal
- Confirm the PayPal transaction and wait for funds to arrive
PayPal’s support for crypto
Payment company PayPal has been dabbling with crypto since 2020. It started off by offering users to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, but the option to transfer crypto to external wallets was only made available in June of this year.
Since then, PayPal has kept on expanding the service geographically. Last week, it launched the buy, sell and hold service in Luxembourg, marking its foray into the European Union (EU).
Along with PayPal, other legacy payment service providers like Western Union, Cash App, and Stripe are working on crypto payment integrations in some way or the other.