The service will initially be rolled out to select PayPal users within the United States.
Digital payments platform PayPal has teamed up with MetaMask parent company ConsenSys to allow MetaMask users to purchase and transfer Ether (ETH) via PayPal’s platform.
Our US users will now be able to fund their wallet with ETH via @PayPal!
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)https://t.co/392JwFYF3m
— MetaMask (@MetaMask) December 14, 2022
The collaboration is intended to allow users to seamlessly purchase and transfer ETH from PayPal to MetaMask by simply logging onto their Mobile MetaMask App, which will then redirect them to their PayPal account to complete transactions.
Lorenzo Santos, product manager for MetaMask, shared:
“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.”
PayPal is among a growing number of traditional payments companies integrating crypto into their services and seeking to allow users to interact with the crypto ecosystem with ease.
In November, global digital peer-to-peer payments company MoneyGram announced that U.S. users, including those in Washington, DC, could buy, sell and hold cryptocurrency — specifically, Bitcoin (BTC), Ether and Litecoin (LTC) — via its MoneyGram mobile app.
In October, Western Union also filed three trademarks for managing digital wallets and exchanging digital assets, as well as commodities derivatives, which indicates the payments company likely plans to expand its services into the Web3 sphere.
Mobile payment processing app Cash App has also added support for transactions via the Bitcoin Lightning Network to allow users to send and receive BTC on the faster, more efficient layer-2 protocol.