ConsenSys Inc., the Web3 company behind the leading crypto wallet MetaMask, has launched a PayPal (NASDAQ:PYPL) integration with its software wallet, allowing U.S.-based users to purchase Ethereum (ETH).
ConsenSys Launches PayPal Integration
On Wednesday, December 14, 2022, ConsenSys announced a partnership with PayPal for MetaMask to become the first Web3 wallet to integrate PayPal’s on-ramp solutions for payments.
The integration will allow select U.S. MetaMask users to purchase Ethereum (ETH) at a 1% fee via the mobile app. Users can purchase and transfer ETH by simply tapping the “buy” button and logging into their PayPal accounts.
The option will roll out to all U.S. users in the coming weeks. ConsenSys product manager Lorenzo Santos explained that the partnership is designed to facilitate seamless purchases and transfers of Ether.
ConsenSys Seeks to Expand Web3 Adoption
The MetaMask integration of PayPal is part of ConsenSys’ plans to help bring more users into the Web3 ecosystem as the sector is looking for a way forward during the crypto winter.
A day before the release, ConsenSys unveiled its zero-knowledge Ethereum Virtual Machine (zkEVM) network on testnet. It allows users to deploy their dApps directly using tools like MetaMask, Truffle, and Infura.
On the Flipside
- ConsenSys did not specify when the PayPal feature will be available to users in other countries and if it will be rolled out on the web portal.
Why You Should Care
The new MetaMask on-ramp solution from PayPal effectively removes a meaningful barrier to entry for Web3 and NFTs.
Read about PayPal’s dive into crypto below:
PayPal and Western Union (NYSE:WU) File New Trademarks to Expand Crypto Offerings
ConsenSys’ fix of its policies that caused backlash is covered in:
ConsenSys Announces New Policy Update to MetaMask and Infura Amidst Privacy Backlash