On Dec. 14, the Ethereum software firm Consensys announced that the company has teamed up with the payment processing giant Paypal. The integration allows Metamask wallet users to purchase ethereum via Paypal from within the Web3 wallet application.
Consensys Teams up With Payments Giant Paypal
According to Consensys, Metamask users can now purchase ethereum (ETH) using the payment provider Paypal. The financial technology company Paypal started offering cryptocurrency services in 2021 and the company’s CEO detailed that demand for crypto outstripped initial expectations.
The Ethereum software firm Consensys explained Wednesday it has teamed up with Paypal, and the team further detailed that “Metamask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions.” Essentially, the partnership will allow users to utilize their Paypal account to purchase ethereum (ETH) after the Metamask owner logs into the Paypal platform via the wallet.
Consensys’ blog post adds that the Paypal integration with Metamask is just one of the “series of announcements” that will be associated with the Metamask mobile wallet. “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,” the product manager for Metamask, Lorenzo Santos said.
The partnership announcement follows the controversial Consensys privacy policy news that details the company collects specific data from Metamask users. Paypal has also been dealing with controversy in recent times after the company erroneously published a terms of service (ToS) document that said people who spread disinformation would be fined $2,500. However, Paypal claimed the ToS “notice recently went out in error that included incorrect information.”
What do you think about Metamask implementing Paypal into the wallet so Web3 users can purchase ethereum within the app via Paypal? Let us know what you think about this subject in the comments section below.