MetaMask and PayPal join forces to boost crypto adoption in the U.S.
Popular cryptocurrency wallet MetaMask has recently announced a new feature for its users in the United States: the ability to buy Ethereum (ETH) via PayPal. With this addition, MetaMask has become the first Web3 wallet to enable ETH transactions using the popular online payment service.
The announcement of MetaMask marks an important milestone for the cryptocurrency industry, as this new functionality will make it easier for users to purchase ETH quickly and easily. In addition, with the integration of PayPal, MetaMask users will now have access to one of the world's most popular and trusted payment platforms.
This move by MetaMask also demonstrates the growing demand for more accessible and user-friendly payment solutions for cryptocurrency users. With this new feature, the wallet hopes to make the process of purchasing ETH more convenient for users, enabling greater adoption of the cryptocurrency.
This move by MetaMask also demonstrates the growing demand for more accessible and user-friendly payment solutions for cryptocurrency users. With this new feature, the wallet hopes to make the process of purchasing ETH more convenient for users, enabling greater adoption of the cryptocurrency.
In summary, the integration of PayPal into MetaMask is an important step towards the mass adoption of cryptocurrencies worldwide. This new functionality allows MetaMask users to purchase ETH with greater ease and convenience, and is a reflection of the growing interest and demand for more accessible and simpler payment solutions in the cryptocurrency industry.
The financial technology company partnered with MetaMask parent ConsenSys last December, stating at the time that the partnership would allow users to seamlessly purchase cryptocurrencies and explore the Web3 ecosystem with ease.
PayPal thus joins a broad ecosystem of payment providers already integrated with MetaMask, including Coinbase Pay, MoonPay, Sardine, Transak, Wyre, among others. In a quarterly report filed with the US Securities and Exchange Commission, the company disclosed a total of u$s943 million in cryptoassets as of March 31, 2023, a 56% jump from the previous quarter, when it had reported $604 million in cryptoassets.
The new integration comes just weeks after MetaMask announced a new feature for users to buy cryptocurrencies with local currency directly from its Dapp Portfolio. Known as "Buy Crypto," the new feature allows users to purchase a range of cryptocurrencies using various payment methods, including debit or credit cards and bank transfers.
More than 189 countries will be covered by the service, which supports more than 90 cryptocurrencies on eight networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis and Celo. For each purchase, the feature takes into account the user's location and local regulations to provide a personalized quote.
MetaMask has been pushing integrations and partnerships to expand its reach and offer on-ramps to its clients. One of its latest developments sought to expand direct access to cryptocurrencies in Nigeria. By partnering with crypto financier, MoonPay, the wallet now allows users in the African country to purchase cryptocurrencies via instant bank transfers. Nigeria is among the top 20 countries in cryptocurrency adoption, according to Chainalysis' Global Cryptocurrency Adoption Index 2022.