According to a new announcement published by MetaMask’s founder, Consensys Software Inc, this Wednesday, December 14th, the leading Ethereum wallet has partnered with the world’s largest online payments service, PayPal. Thanks to the partnership, PayPal will now be able to allow its users to start buying, selling, and storing Ethereum using PayPal in Metamask directly.
After spending years watching the crypto industry from a safe distance, PayPal finally started getting into crypto in late 2020. Now, two years later, the company offers cryptocurrencies to users in several countries, with plans to enter the EU market. More than that, however, the company is also working on expanding its service’s involvement with crypto, starting with Metamask and Ethereum.
The announcement made by Consensys this Wednesday shows that PayPal will now be able to let users buy, sell, and store ETH. In addition, users will also be able to make transactions using Ethereum’s blockchain.
However, instead of having to buy the coins directly on PayPal’s platform and being unable to transfer them, Consensys announced that Metamask users would be able to buy the assets from inside the wallet.
In other words, PayPal will become a payment method that MetaMask customers will be able to use within the app. All that they need to do is click the Buy button in Metamask, and a number of potential payment methods will be presented to them, including PayPal. The announcement continues to say that the integration will not only allow US crypto users to purchase cryptos seamlessly through Metamask but also to freely explore the Web3 ecosystem.
Users can now buy ETH with PayPal and move it to other wallets
Lorenzo Santos, Metamask’s Product Manager, commented on the move stating that once the integration was complete, users would be able to buy Ethereum from Metamask, and it will become available on their balance. From there on, users will be able to use the coins to explore the Web3 space or even transfer the coins to other wallets if they wish to do that.
PayPal already allows users to buy Ethereum within its own platform, alongside Bitcoin, Litecoin, and Bitcoin Cash. Furthermore, the company allows its customers to shop online with their digital assets, thanks to the Checkout With Crypto feature. But, users still cannot transfer the purchased coins out of PayPal’s own platform, they can only buy, sell, or hold them.
Ethereum price crashed after FTX collapse and hack
Many believe that the new integration will be good for Ethereum, which recently started seeing a drop in usage. The last couple of weeks have brought a noticeable slowdown, especially after the collapse of FTX, which has been affecting the entire crypto world. The hack of FTX that resulted in the theft and dump of ETH did not help matters either. The asset’s price sank in November, going from $1,657 on November 5th to $1,120 on November 10th.
The price saw mild recovery after that, leading it to $1,200 on average, following the incident. Now, however, the ETH price might see some more recovery following the integration. Not to mention that the partnership could lead to onboarding new users who might be attracted by the option to buy ETH easily from Metamask.