Consensys, a leading Ethereum software startup, has teamed with PayPal to make it possible for clients in the United States to buy Ethereum. An announcement made on Wednesday stated that "PayPal will seamlessly integrate into the MetaMask wallet, giving users with a simple and convenient way to buy Ethereum with PayPal." In other words, customers will be able to use PayPal to purchase ethereum.
Nevertheless, the capability will only be accessible to qualifying users of the PayPal app who are located in the United States. As a result of the integration, Metamask has become the first Web3 wallet that uses PayPal to facilitate on-ramp financial transactions. The Product Manager for MetaMask, Lorenzo Santos, made the following statement in response to the recently accomplished goal: "This integration with PayPal will allow our U.S. users to not only buy cryptocurrency easily and quickly through MetaMask, but it will also make it simple for them to investigate the Web3 ecosystem."
The combination of MetaMask and PayPal comes at a time when both companies are ramping up their efforts to expand the range of cryptocurrency payment alternatives available to customers. According to a recent research, MetaMask, which was introduced in 2016, is currently the most popular non-custodial cryptocurrency wallet in the world, and it has more than 30 million users that log in on a monthly basis. In addition to functioning as a mobile app, the wallet may also be accessed through a browser extension that performs the same functions as a cryptocurrency wallet. This allows users to communicate with the Ethereum blockchain as well as any other networks that are compatible with Ethereum.
Metamask provides its customers with a multitude of functionalities, such as the ability to connect with decentralized NFT marketplaces, play and earn games, participate in decentralized autonomous organizations (DAOs), play in metaverse worlds, and access decentralized finance (DeFi).
Notably, as a result of the sharp increase in demand for digital assets by institutions, MetaMask has shifted the focus of its MetaMask Institutional (MMI) service to cater specifically to the requirements of this particular demographic. MetaMask has onboarded more than five institutional custodians in the past year or so to enhance choice, security, and operational efficiency for cryptocurrency funds, market-makers, trading desks, decentralized autonomous organizations (DAOs), and other organizations seeking exposure to the digital asset class.
On June 7, 2022, PayPal made its cryptocurrency services fully available in the United States. This gave users the ability to transfer Bitcoin, Ethereum, and Litecoin between their PayPal accounts and those of other wallets or exchanges. The most current estimate published by the business indicates that there are around 429 million active PayPal customers across the globe, with approximately 75% of all Americans making use of the service. The payments company has extended its crypto services to Luxembourg, signaling its aim to expand throughout the European Union while adhering to all applicable legislation, both those that are currently in place and those that are still in the process of being developed.
