PayPal Partners with Metamask for Crypto Integration
The integration will bring about a wider adoption of cryptos and their activities.
Users can purchase ETH using their PayPal Balance
Paypal, one of the biggest digital payment platforms, has partnered with MetaMask to allow users to purchase and trade Ethereum easily. This development was announced on December 14th by ConsenSys, the parent company of MetaMask. The incorporation will be available for some PayPal users in the United States, the largest market for MetaMask and PayPal. Initially, users will only be able to purchase ETH using their PayPal balance, credit card, or debit card. However, cryptocurrencies are expected to be available later.
MetaMask is a popular crypto wallet that allows users to store cryptos and interact with Web3 platforms. However, users have had to rely on crypto exchanges like Kraken to load their wallets with crypto.
This partnership is a big benefit to both companies. PayPal has about 430 million accounts globally, and MetaMask users will have a button that lets them purchase crypto using the platform. This move will generate more income for PayPal and increase the adoption of crypto as a trading asset.
Several Companies are driving the Wide Adoption of Cryptos
This is not the first time companies will partner to make cryptos widely available. A month ago, a report by Bernstein showed that some companies had selected low-cost, high-speed blockchains for product launchings.
A week ago, Stripe, a global payments platform, released a tool that lets certain customers in the United States buy crypto and enter the Web3 space. This move is expected to push Web3 and other emerging economies into the global scene. A major problem with Web3 adoption is the knowledge and expertise needed to handle operations, but innovations from Polygon, Stripe, and now PayPal are filling the void. The partnership will make Web3 accessible to millions across the world and serve as a link between a traditional financial institution and a crypto platform.