The crypto wallet is adding PayPal support for customers to purchase Ethereum seamlessly on the platform. MetaMask is releasing the feature to select PayPal customers in the United States from today.
ConsenSys, the company behind the popular Web3 self-custody wallet MetaMask, is partnering with PayPal to integrate the firm’s payment services into its digital wallet to enable seamless Ethereum (ETH) purchases. The feature which is set to be launched on the MetaMask mobile app will be available to “select” PayPal users in the United States starting today.
The integration will allow users to buy and transfer ETH from PayPal to MetaMask and vise-versa through the mobile app. Currently, the MetaMask browser extension supports cryptocurrency purchases directly from the user’s wallet via MoonPay, CoinbasePay, Transak and Wyre.
“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 at MetaMask.
PayPal will remove the complex processes involved when conducting crypto transactions, and help MetaMask with onboarding users who are new to the industry. The cumbersome task of buying cryptocurrencies from an exchange and then transferring the assets to a digital wallet has put off many mainstream users who argue that the industry is difficult to get a grip of.
The latest feature will be available to select PayPal users from today and will be rolled out to all U.S customers in the coming weeks. MetaMask users can log into the mobile app and choose how much ETH to buy. Then they can tap the “buy” button and select ‘PayPal’ from the purchase options. This will redirect users to the PayPal log in page, where they will link their account to the crypto wallet to complete the purchase.
MetaMask is one of the largest self-custody wallets in crypto and is built on the Ethereum network. The platform is used by millions worldwide to interact with Web3-based applications like non-fungible token (NFT) marketplaces, play-to-earn games (P2E), decentralised autonomous organisations (DAO), decentralised finance (DeFi) applications, and metaverse platforms. On the other hand, PayPal has been an important player in the digital payments sector for over 20 years. The company provides its service to more than 429 million consumers and merchants worldwide.
Recently, PayPal started to venture into the digital assets industry by offering a variety of related services to its customers. During the crypto boom of 2020, the company gave users the ability to buy, custody and sell cryptocurrencies on its platform. Last year, PayPal added a feature called “checkout with crypto” that allowed users to pay for their purchases in crypto at supported businesses or convert the tokens to fiat at the point-of-sale. The platform currently supports crypto transactions in Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). In June, PayPal released another feature that let its U.S customers transfer cryptocurrencies from the platform to other exchanges and wallets.
MetaMask confirmed that it will charge a 1% service fee from customers for the ETH purchases, added with PayPal fees that are applicable depending on the amount being transacted. However, ConsenSys has not provided any details regarding the 30% commission fee that Apple charges from developers for in-app purchases on the iPhone.
At the time of writing, ETH is trading at $1,291, having dropped by 2.1% in the last 24-hours. With a total market cap of over $150 billion, Ethereum is the second most valuable cryptocurrency after Bitcoin (BTC) which is currently trading at $17,708.