On Wednesday, PayPal announced an integration with Web3 wallet MetaMask which enables users to buy crypto using PayPal’s tech.
A new innovation in a crypto world,now users of MetaMask Web3 wallet will be able to buy the second famous cryptocurrency Ether through PayPal.
Likewise, as Paypal checkout feature at online stores like eBay and Etsy. PayPal is all set to integrate with MetaMask Web3 wallet. However, the collaboration with Consensys’s MetaMask will allow users to buy and transfer Ether by logging in into MetaMask.
Moreover, the process is quite easy, the user can access it by tapping the buy button. And logging into PayPal before making any transaction.
According to the company, the select U.S based MetaMask customers will be able to use PayPal to buy Ether. Hence, the feature will roll out to all U.S user sin the coming week.
A crypto wallet such as MetaMask is the starting point for interacting with Web3 applications. Like play-to-earn games and some Metaverse platforms. In addition, merger of PayPal and MetaMask will help to broaden the customer base for some of these applications by eliminating the complexity from purchasing the cryptocurrency.
According to MetaMask product manager Lorenzo Santos, 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.
Undoubtedly, PayPal has embraced crypto in multiple ways over the past few years. It is an opportunity for customers to get purchase the crypto in just few clicks. First it helps the customer and gave them the ability to buy,hold and sell cryptocurrency on its platform in 2020.
Whereas, in 2021, a new “checkout with crypto” feature that supported Bitcoin, Litecoin, Bitcoin cash and Ethereum.
Though, after getting mostly soiled customers crypto funds within the PayPal ecosystem since 2020. In June the company allowed it’s users to transfer any crypto bought on PayPal to other exchanges or wallets.
Last week, PayPal competitor Stripe, established it’s own tool to help Web3 organizations, this includes NFT marketplaces and games. This enables the customers to buy crypto with flat currencies such as U.S dollars. The companies which are in collaboration with Walmart and Apple also stated that it will also help to handle fraud, compliance and know your customers (KYC) check.
Privacy Concerns
Consensys, the development team behind MetaMask currently faced pushback after modifying the wallet terms of services in November. According to that, users IP and wallet addresses will gathered by Infura, a blockchain infrastructure provider. On the other hand, the company appears to be taking note of the community’s privacy concerns with a current commit to MetaMask GitHub suggesting future releases for the popular wallet. This allow users to opt out to get their information done while using an Infura RPC.
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