Paypal and Metamask announce integration
Coindesk • December 15, 2022
PayPal and ConsenSys, the developer of the MetaMask Wallet, have announced that they will integrate their respective services to enable users to transfer digital assets more easily between the two platforms. This link-up between a centralized entity and a decentralized wallet provider means it will get easier for people to on-board themselves towards true Web3 products and services and not stick around murky centralized actors.
According to a press release, the partnership will allow users to select their PayPal accounts as a payment option to buy ether (ETH) directly from within the MetaMask app, providing a seamless way to purchase and transfer ether from PayPal to MetaMask.
"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 ConsenSys product manager Lorenzo Santos in the press release.
U.S. customers will be able to access the new service starting today, with plans to roll it out to the rest of the U.S. in the coming weeks. This development follows PayPal's previous efforts to enable crypto transfers between its platform and various exchanges in June, as well as the launch of its own crypto buy, sell, and hold service in October 2020. In general, such developments strengthen Fourstack’s thesis that Web2 companies can benefit from Web3 by integrating products and services in their own value chain.