PayPal Integrates On-ramp Payments to MetaMask Through ConsenSys Partnership

MetaMask has become the first web 3 wallet to integrate PayPal’s on-ramp solutions for payments via a ConsenSys team-up.

Dan Schulman holds a polygonal fox mask that represents MetaMask

ConsenSys Inc., the Web3 company behind the leading crypto wallet MetaMask, has launched a PayPal integration with its software wallet, allowing U.S.-based users to purchase Ethereum (ETH). 

ConsenSys Launches PayPal Integration

On Wednesday, December 14, 2022, ConsenSys announced a partnership with PayPal for MetaMask to become the first Web3 wallet to integrate PayPal’s on-ramp solutions for payments.

Sponsored

The integration will allow select U.S. MetaMask users to purchase Ethereum (ETH) at a 1% fee via the mobile app. Users can purchase and transfer ETH by simply tapping the “buy” button and logging into their PayPal accounts. 

The option will roll out to all U.S. users in the coming weeks. ConsenSys product manager Lorenzo Santos explained that the partnership is designed to facilitate seamless purchases and transfers of Ether.

ConsenSys Seeks to Expand Web3 Adoption

The MetaMask integration of PayPal is part of ConsenSys’ plans to help bring more users into the Web3 ecosystem as the sector is looking for a way forward during the crypto winter. 

A day before the release, ConsenSys unveiled its zero-knowledge Ethereum Virtual Machine (zkEVM) network on testnet. It allows users to deploy their dApps directly using tools like MetaMask, Truffle, and Infura.

On the Flipside

  • ConsenSys did not specify when the PayPal feature will be available to users in other countries and if it will be rolled out on the web portal.

Why You Should Care

The new MetaMask on-ramp solution from PayPal effectively removes a meaningful barrier to entry for Web3 and NFTs.

Read about PayPal’s dive into crypto below:
PayPal and Western Union File New Trademarks to Expand Crypto Offerings

ConsenSys’ fix of its policies that caused backlash is covered in:
ConsenSys Announces New Policy Update to MetaMask and Infura Amidst Privacy Backlash

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia