SNEAK PEEK
- According to an announcement on December 14, MetaMask has added PayPal integration into its software wallet.
- Certain US users can now purchase Ethereum from their wallet upon utilizing PayPal.
- According to the company, the feature will be launched to US users in the coming weeks.
In an attempt to allow US users to buy Ethereum from MetaMask’s app directly, the cryptocurrency wallet has added a PayPal integration to its software wallet. Currently, the feature is unavailable to all users, and there are plans to launch it in the coming weeks.
The integration can be availed via the MetaMask mobile app only. As of now, the browser extension of MetaMask enables US users to buy cryptocurrency from their wallets via Wyre, CoinbasePay, MoonPay or Transak.
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊
— MetaMask 🦊💙 (@MetaMask) December 14, 2022
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
Lorenzo Santos, MetaMask Product Manager, said that from now on, users can dive deeper into Web3, thanks to the new feature. He explained that, owing to the integration, US users can not only purchase crypto but also explore Web3.
The integration will be available on the desktop browser extension of MetaMask in the coming quarter.
1% service fee of MetaMask, besides applicable PayPal fees, will be applied to each purchase. However, there is no information whether the 30% in-app purchase fee of Apple will apply to ETH purchases that are conducted on the MetaMask mobile application.
Aaron Gould, PayPal’s Crypto Communications Lead, shared a tweet regarding the news.
Pleased to welcome the 🦊 to the @PayPal ecosystem! https://t.co/u93vnBaunj
— Aaron Gould (@aaronkgould) December 14, 2022
The new integration will curb friction in the onboarding process, which will help crypto newbies to keep away from the inconvenient procedure of buying crypto via an exchange followed by sending funds to their respective MetaMask wallets.
The news is significant for US-based PayPal users and embarks the company’s latest move in the crypto market. It was in 2020 when PayPal initially started allowing users to purchase and sell crypto; however, only Litecoin, Bitcoin, Bitcoin Cash, and Ethereum were provided. Also, users were unable to move crypto in other alerts until June 2022.
MetaMask is dedicated to providing its users with ETH purchases and is an EVM-only wallet, which means blockchains other than Ethereum, layer-2 protocols, and its sidechains are not supported.
