MetaMask’s software wallet now integrates PayPal, allowing US users to purchase ETH straight from the app on their mobile devices. Currently, only a limited number of users in America can access this feature, though MetaMask plans to expand it gradually over the next few weeks.
MetaMask users will be able to use PayPal purchases exclusively in the mobile wallet app, the company’s press release says. MetaMask, through its browser extension, already provides US users with direct access to cryptocurrency purchasing using other payment gateways like CoinbasePay, Transak, MoonPay, or Wyre.
In addition to allowing US users to buy Ethereum quickly through MetaMask, the new option will simplify users’ exploration of Web3 technology, Lorenzo Santos, MetaMask’s Product Manager, says.
The company’s representative also added that MetaMask would integrate PayPal into its desktop browser extension in the next quarter.
Besides the MetaMask service fee, Santos mentioned that PayPal would also charge a fee on all related purchases. In response to a question as to whether Apple’s 30% in-app purchase fee will also apply to Ethereum transactions via the MetaMask mobile wallet application, Santos replied that MetaMask was unable to provide any information regarding the matter at the time.
“Pleased to welcome the fox to the PayPal ecosystem,” Aaron Gould, PayPal’s Crypto Communications Lead, tweeted regarding the announcement.
PayPal’s integration with MetaMask may streamline and simplify the process of getting started for new customers as the option will prevent users from having to go through the lengthy and complex procedure of purchasing coins through an exchange, as well as help avoid mistakes when transferring funds to their crypto wallet address.
Adam Hollander, a founder of Web3 firm, wrote on Twitter that the new PayPal integration would open up new markets for NFTs.
The step is an important development for PayPal users in the US, marking PayPal’s latest attempt to enter the crypto space. In 2020, PayPal started to offer virtual assets for sale and purchase, but users only had access to Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, with no option to transfer crypto to a different wallet, like MetaMask, until June of 2022.
ETH purchases are MetaMask’s primary focus, which comes as no surprise. The MetaMask wallet is an EVM-only wallet, unlike its competitors like Phantom and Coinbase Wallet. It means the app does not support other blockchains, sidechains, or layer-2 protocols besides Ethereum.
ConsenSys, the company in charge of MetaMask, is led by Ethereum co-founder Joe Lubin and remains devoted exclusively to Ethereum.
Just a week ago, Stripe, one of PayPal’s competitors, introduced its own fiat-to-crypto service, allowing users to buy cryptocurrencies for US dollars.
Infura and MetaMask, two of ConsenSys’ core products, have recently been the subject of privacy complaints. Many of the company’s customers were alarmed by its statement that it automatically collects and stores customers’ wallets and IP addresses.
Following that, the company stated that it would only store user privacy data for a week after a transaction was completed.
Regarding the PayPal integration, Lorenzo Santos has stated that MetaMask does not collect or store payment information or any data associated with KYC.