PayPal Launches Integration with MetaMask Web3 Wallet for Ethereum Transactions
Users of the popular MetaMask Web3 wallet will soon be able to buy the second-most-popular cryptocurrency, Ether, via PayPal.
In fact, MetaMask has added a PayPal integration to its software wallet, allowing U.S. users to purchase Ethereum directly from its mobile app. While the feature is not yet available to all U.S. users, MetaMask plans to slowly roll out the feature “in the coming weeks.”
Similar to PayPal’s checkout feature at online stores like Etsy and eBay, the integration with ConsenSys’s MetaMask will let users buy and transfer Ether by logging in into MetaMask, tapping the “buy” button, and logging into PayPal before making a purchase.
The PayPal integration will only be available through the MetaMask mobile app. The MetaMask browser extension already offers U.S. users the ability to purchase cryptocurrency directly from their wallet through CoinbasePay, Transak, MoonPay, or Wyre.
“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,” MetaMask Product Manager Lorenzo Santos said.
According to Decrypt, the PayPal integration will be available on MetaMask’s desktop browser extension “in the next quarter.”
Santos also confirmed that MetaMask’s 1% service fee will apply to all purchases, as well as applicable PayPal fees. When asked if Apple’s 30% in-app purchase fee would also apply to such ETH purchases made on the MetaMask mobile app, Santos said that MetaMask “cannot provide any information regarding this at the moment.”
PayPal has embraced crypto in several ways over the past few years. It first gave customers the ability to buy, hold, and sell cryptocurrency on its platform in 2020, and in 2021 added a “checkout with crypto” feature that supported Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
After having mostly siloed customer crypto funds within the PayPal ecosystem since 2020, the company in June also let its customers transfer any crypto bought on PayPal to other wallets or exchanges.
Last week, PayPal competitor Stripe launched its own tool to help Web3 companies, including games and NFT marketplaces, allow their customers to buy crypto with fiat currencies like the U.S. dollar. The payments company, which has partnerships with Apple and Walmart, said it also will handle fraud, compliance, and know-your-customer (KYC) checks.