PayPal, the online payment method, has reportedly partnered with MetaMask to expand its presence in the world of cryptocurrencies. ConsenSys, the company behind the crypto wallet MetaMask, has issued a statement about the partnership.
Starting now, MetaMask users can use PayPal to purchase crypto (ETH). MetaMask can fairly be called the first Web3 wallet to allow an online payment method like PayPal to be used this easily in the crypto world. Users can now make purchases and send ETH from PayPal directly into MetaMask.
MetaMask is one of the most widely used wallets, and one commonly connected for use with NFTs and play-to-earn games. If there’s nothing yet in your MetaMask wallet, you’d normally need to buy crypto through services like Coinbase or Kraken, then transfer it into your MetaMask wallet. Buying through MetaMask’s other partners also typically means completing a lengthy KYC (Know Your Customer) process, requiring personal information for verification.
Image: ConsenSys
With this partnership with PayPal, MetaMask users may no longer need to go through that KYC process at all. With PayPal currently having 430 million account holders worldwide, this stands to bring PayPal significant benefits as well. If you already have ETH sitting in your PayPal account, you can transfer it over, and if you need more, you can also buy ETH directly through PayPal.
Lorenzo Santos, Product Manager at MetaMask, said, “This partnership with PayPal will make it easier for users to buy crypto through MetaMask, while also giving them a chance to properly explore the broader Web3 ecosystem.”
To add crypto to your MetaMask wallet through PayPal:
1. Log in to the MetaMask mobile app.
2. Tap “Buy” and select “PayPal.”
3. Choose the dollar amount you want to convert to ETH. You’ll then be taken to PayPal.
4. Complete the crypto purchase through PayPal, or simply exit if you already have enough ETH.
5. That’s it. You can now buy crypto directly and successfully from within MetaMask, and explore Web3 on your own.