ConsenSys, the company that developed MetaMask, announced in a statement that MetaMask users of global payment giant PayPal can make Ethereum transactions through the PayPal platform. The service, which PayPal will initially offer to MetaMask users in the US, will first be defined and tested with a certain number of PayPal users. With the service, which includes facilitating the purchase of cryptocurrencies, users will be able to see their PayPal account in the payment options to buy and transfer Ethereum with MetaMask.
As it is known, trust in centralized exchanges has decreased after the collapse of FTX recently. Accordingly, crypto investors began to withdraw their funds to external wallets. The integration of MetaMask, which is seen among the most popular external wallets, now with PayPal will allow buying and transferring cryptocurrencies much easier. MetaMask Product Manager Lorenzo Santos said that the integration of the wallet with PayPal will not only enable smooth and easy crypto transactions, but also contribute to the Web3 ecosystem.
External wallets such as MetaMask have come to the fore in recent years as useful solutions for interacting with platforms included in the Web3 industry, such as Metaverse and play-to-win games. PayPal’s integration with MetaMask, on the other hand, is seen as an important step towards simplifying crypto transactions in this period when users are moving away from centralized exchanges.
PayPal made a major breakthrough for the industry in 2020 by allowing users to trade crypto. The payments giant also activated the option to pay with crypto last year, announcing that it supports major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).