The joint project is expected to drive up the number of users who joined the web3 initiative.
Web3 company ConsenSys announced in a blog post about the new feature in its MetaMask wallet through which users could buy Ethereum through PayPal. The collaboration between PayPal and MetaMask is expected to drive up the volume of transactions using ETH and help users get onboarded into the ecosystem smoothly using a familiar payment system like PayPal.
The efficiency of services leads to an increase in adoption. The collaboration aims to achieve the same target, using a top web3 wallet like MetaMask and a widely used payment feature like PayPal. Using both tools, users could explore blockchain-based games, NFT marketplaces, metaverse projects, and other decentralized spaces.
“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, Product Manager of MetaMask. Users of MetaMask would be required to login into their PayPal accounts once they selected the amount of ETH to be bought, and the amount would be directly credited to their MetaMask accounts. The entire process would be reportedly extremely simple.
PayPal joined the growing list of payment companies that have started offering payment services in partnership with crypto companies. More technology companies are working on deals to integrate payments with the crypto ecosystem.