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0 CommentsPayments firm PayPal announced its plans to integrate its buy, sell, and hold crypto services with MetaMask Wallet on Dec. 14, aiming to broaden users’ options to transfer digital assets from their platforms. Users will be able to buy and transfer Ether from PayPal to MetaMask soon.
The partnership between PayPal and MetaMask developer firm ConsenSys is intended to enable users to select their PayPal accounts as a payment option to buy Ether (ETH) from within the MetaMask app. The offering is designed to facilitate seamless purchases and transfers of Ether from PayPal to MetaMask. According to a press release, MetaMask intends the offering to help bring more users into the Web3 ecosystem at a time when the sector is looking for a way forward during the crypto winter.
“This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem,” ConsenSys product manager Lorenzo Santos said in the press release.
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.”
Select users can access the new feature beginning Dec. 14, while PayPal works to launch the service to the rest of its US customers in the next few weeks.
The launch follows PayPal’s push to enable crypto transfers between its own platform and several popular crypto exchanges in June. The fintech company debuted its crypto purchase, sell and hold service in October 2020.
PayPal is among a growing number of traditional payments companies integrating crypto into their services and seeking to allow users to interact with the crypto ecosystem with ease.
In November, global digital peer-to-peer payments company MoneyGram announced that US users, including those in Washington, DC, could buy, sell and hold cryptocurrency — specifically, Bitcoin (BTC), Ether, and Litecoin (LTC) — via its MoneyGram mobile app.
In October, Western Union also filed three trademarks for managing digital wallets and exchanging digital assets, as well as commodities derivatives, which indicates the payments company likely plans to expand its services into the Web3 sphere.
Mobile payment processing app Cash App has also added support for transactions via the Bitcoin Lightning Network to allow users to send and receive BTC on the faster, more efficient layer-2 protocol.
