PayPal, the well-known online payment platform, is partnering with ConsenSys, the company behind the popular non-custodial crypto wallet MetaMask, to allow users to buy cryptocurrencies using their PayPal accounts. This collaboration will provide a more user-friendly on-ramp solution for buying Ethereum (ETH) for MetaMask users and generate additional revenue for PayPal through fees for facilitating cryptocurrency purchases.
MetaMask is a widely used crypto wallet that allows users to store and interact with Web3 products by using their wallet as their authentication method. However, users need to rely on some cryptocurrency exchanges, such as Coinbase and Kraken, to buy cryptocurrencies and transfer them to their MetaMask wallet. These exchanges often require users to go through a lengthy and potentially intimidating know your customer (KYC) process, which involves providing personal information and verifying their identity with some form of ID. MetaMask also has its own on-ramp features in its mobile app, but these may not offer the best conversion rates and still require users to go through a KYC process.
The partnership between MetaMask and PayPal will provide a more convenient and familiar option for users to buy ETH as PayPal is a well-known and trusted platform with over 430 million accounts worldwide. To use the service, MetaMask users will simply log into their mobile MetaMask app, which will redirect them to their PayPal account to complete the transaction. If they already have ETH in their PayPal account, they can use it to fund their MetaMask wallet. If they don’t have ETH, PayPal will help them buy it by using their PayPal balance or other payment methods.
Lorenzo Santos, the product manager of 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.”