ConsenSys, a provider of blockchain software technology, has announced that PayPal will be integrated into its Metamask Web3 wallet, enabling users to easily purchase Ethereum (ETH) directly from their PayPal accounts.
The capability would first be accessible to a small number of PayPal customers in the United States, according to the December 14 announcement from ConsenSys, but would soon be made available to the rest of the market.
The connection with MetaMask will enable users to buy and transfer ETH by entering into their wallet, hitting the "buy" button, then logging into PayPal before making a transaction, in a way analogous of PayPal's checkout option on online marketplaces like Etsy and eBay.
The new feature aims to expand the user base of the cryptocurrency ecosystem at a time when the sector is looking for a way out of a lengthy bear market that has caused a lot of damage.
Web3 apps including play-to-earn (P2E) games, non-fungible token (NFT) markets, decentralized finance (DeFi) protocols, and various metaverse platforms regularly connect with MetaMask, a well-known cryptocurrency wallet. Some of these programs' user bases may be increased by integrating it with PayPal and streamlining the crypto purchase procedure.
Lorenzo Santos, the product manager for MetaMask, stated in the press statement:
“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.”