On the 14th of December 2022, MetaMask announced on Twitter that users resident in the United States, excluding Hawaii, would now be able to purchase ETH on their wallets using Paypal.
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊
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
— MetaMask 🦊🫰 (@MetaMask) December 14, 2022
The partnership between Paypal and MetaMask would provide users with a simple way to purchase ETH using the Paypal platform. Unfortunately, the feature is only available to users in the US and it would be rolling out within the next couple of weeks.
MetaMask is currently the world’s leading custodial wallet, used as a means to connect with NFT marketplaces, Play to-earn games, and Decentralized finance projects. Being one of the major tools for decentralization and DAOs, the partnership wouldn’t just allow users to buy cryptocurrencies, but also fuels their exploration of Web3 projects and ecosystems.
This is part of a series of partnerships geared toward diversifying the payment options available to users, allowing them to connect their digital assets with the real world.
All this is possible thanks to the tireless work of the Consensys team. They are a software company that specializes in building decentralized Ethereum protocols, like Metamask and Infura. They also assist developers to build applications and launch modern crypto finance infrastructure.
How would users key into this new feature?
To enjoy it, they are expected to update to the latest V5.13, then log in and click on the “buy” option. Then select Paypal, enter the desired amount of ETH to add to the wallet, and buy the amount of ETH needed to conduct any transaction of their choice. Then they can easily explore features like swapping, liquidity pools, or purchasing NFTS.
It’s known that Paypal has been at the forefront of revolutionalizing payment for years, and there’s little doubt that cryptocurrencies and the crypto industry have gained traction in the financial world, and is being valued at trillions of dollars.
Previously, Paypal had opened its doors to BTC, allowing its customers to buy and sell Bitcoin using the platform. Its adoption of yet another pioneer currency in the crypto space would help connect its more than 400 million users into the crypto space.
The announcement was met with mixed feelings. Some users believe that Paypal is far from decentralized nor does it allow any form of anonymity, which is a major negative for them. Others who enjoy using Paypal, are ecstatic, awaiting the day the same feature would be open to the European states, and the world at large.
