MetaMask, the web3 wallet, recently announced on May 11th that it has introduced PayPal as a payment option for Ethereum purchases. Nonetheless, this new payment channel is currently only available to U.S. users. MetaMask noted that it is the first web3 wallet that allows its users to buy ETH using PayPal, a leader in the digital payment space. The integration also supports ETH transfers from PayPal to MetaMask, which paves the way towards greater self-custody adoption.
Users can access the “Buy Crypto” feature and purchase Ethereum through the MetaMask browser extension, mobile app, or portfolio feature. Additionally, this feature also allows users to make purchases via debit and credit cards or bank transfers.
MetaMask Users Express Interest in the Company’s Own Token
Although the PayPal integration is a significant step forward for MetaMask, many users are still curious about when the company will launch its own token. MetaMask has been urging its users to beware of scams for MASK tokens and has stated that there are no plans for immediate airdrops.
MetaMask is expanding its payment channels and has already integrated Coinbase Pay, MoonPay, Sardine, Transak, and Wyre. The company’s collaboration with PayPal was first announced in December, but it is only now that payments have been launched.
In its quarterly report filed this week, PayPal disclosed that it managed $943 million in crypto assets as of March 31st. This figure represents a 56% increase over the previous quarter, in which the company reported $604 million.
In another development, MetaMask teamed up with crypto fintech platform MoonPay in late March to expand its offerings in Nigeria. The integration with MoonPay allows users to purchase ETH directly from their bank accounts through MetaMask.
MetaMask’s PayPal integration is a significant milestone towards global adoption of Ethereum. It is hoped that the company’s efforts will lead to greater mainstream acceptance of cryptocurrencies in the future.