Move Enables US Users To Easily Access Web3
MetaMask, the most popular web3 wallet, began rolling out a fiat on-ramp for ETH in partnership with leading payments processor, PayPal, on Dec. 14.
Select U.S. users can now purchase Ether from within the MetaMask app by tapping its “buy” button and logging into their PayPal accounts. The service will be made available to all eligible U.S. users in a matter of weeks.
“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,” said Lorenzo Santos, MetaMask’s product manager.
This is the first time a web3 wallet has rolled out a direct PayPal integration. The move comes as PayPal continues to cautiously dip its toes into crypto.
In October 2020, PayPal launched custodial services allowing users to hold Ethereum, Bitcoin, Litecoin, and Bitcoin Cash in their accounts.
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“We would expect more of these web2 to web3 integrations into the new year as more clarity is provided around regulation, more real-world use cases of blockchain arise and corporate adoption continues to tick up,” Mark Monfort, co-founder of web3 venture studio NotCentralised, told The Defiant.
PayPal followed up by launching “Checkout with Crypto” in March 2021. That service allows U.S. customers to use their cryptocurrency balances to pay for online purchases, with PayPal charging a fee to convert the digital assets into dollars.
In June, PayPal launched crypto transfer services for U.S. users. Eligible customers can withdraw or deposit the four crypto assets between their PayPal accounts and external wallets.
MetaMask is the most widely adopted Ethereum wallet, boasting more than 30M monthly active users.
ConsenSys, the development team behind MetaMask, recently faced pushback after updating the wallet’s terms of service in November to state that users’ IP and wallet addresses will be collected by Infura, a blockchain infrastructure provider, when using the company as MetaMask’s default Remote Procedure Call (RPC) provider.
But the company appears to be taking note of the community’s privacy concerns, with a recent commit to MetaMask’s GitHub suggesting future releases for the popular wallet will allow users to opt out of having their information collected when using an Infura RPC.