The firms said Wednesday that PayPal will integrate its buy, sell, and hold cryptocurrency services with MetaMask Wallet in an effort to provide consumers more alternatives for transferring digital assets from their platforms.
According to a press release, users will be able to use their PayPal accounts as a payment method to acquire ether (ETH) from within the MetaMask software thanks to a cooperation between the payments company and MetaMask creator ConsenSys. The product is made to make it simple to buy ether and send it through PayPal to MetaMask.
At a time when the industry is searching for a path ahead during the crypto winter, MetaMask hopes that the product will assist in attracting more users to the Web3 ecosystem.
According to ConsenSys 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.”
As PayPal plans to roll out the service to the remainder of its U.S. clients over the coming several weeks, certain U.S. customers can utilize the new product as of right now.
The launch comes after PayPal’s drive in June to make it possible to move cryptocurrency between its own platform and a number of well-known crypto exchanges. In October 2020, the fintech startup launched its cryptocurrency buy, sell, and hold service.