MetaMask starts supporting ETH purchases via PayPal

Updated: 12 May 2023

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MetaMask, a digital asset wallet provider, has started enabling ETH purchases through PayPal. However, this feature is currently exclusive to users based in the United States, which is a vast market for MetaMask. The integration also marks an important integration between the Web2 and Web3 industries.

MetaMask supports ETH purchases on PayPal

This partnership will allow users based in the US to have PayPal as their preferred payment method when purchasing Ether through MetaMask. The integration will also make it possible for PayPal users to transfer Ether to their MetaMask wallet.

#DYK

MetaMask🦊 is the first web3 wallet to enable users to buy ETH using PayPal!

Get started here👇https://t.co/RGcamJQoQ2

— MetaMask 🦊🫰 (@MetaMask) May 11, 2023

PayPal, which is one of the largest payment companies globally, secured a partnership deal with MetaMask’s parent company, ConsenSys, in December last year. At the time, the two firms said that the partnership would ease the process of crypto purchases and make it possible for users to seamlessly access the Web3 space.

“MetaMask is the first Web3 wallet to enable users to buy ETH using PayPal, a leader in the digital payment space. In addition to purchasing ETH directly, the integration also supports the transfer of ETH from PayPal to MetaMask, aiding in more self-custody adoption,” MetaMask said.

MetaMask reports significant developments this year

This partnership with PayPal comes as MetaMask continues to advance its reach across the Web3 industry. PayPal has joined the growing list of payment providers that have integrated with MetaMask. The crypto wallet provider has already integrated other platforms such as Coinbase Pay, Sardine, Wyre, MoonPay, and Transak.

A quarterly report filed with the US Securities and Exchange Commission (SEC) disclosed that MetaMask had a total of $943 million worth of crypto assets as of March 31, 2023. The figure represented a 56% increase compared to the previous quarter. During the previous quarter, the company had reported having $604 million worth of crypto assets.

The integration with PayPal also comes a few weeks after MetaMask rolled out a new feature enabling users to buy cryptocurrencies using fiat currency through the Portfolio DApp. The feature is known as “Buy Crypto,” and it allows crypto investors to access a variety of cryptocurrencies using different payment methods such as debit cards, credit cards, and bank transfers.

We foxes at MetaMask 🦊 are excited to announce that our Buy Crypto feature now also resides in our Portfolio Dapp, providing a simple and smooth purchasing journey👌

🔗https://t.co/sEcCnQhbRB pic.twitter.com/UvaG2wMSpy

— MetaMask 🦊🫰 (@MetaMask) April 10, 2023

This service will be available across more than 189 countries. The service also supports over 90 cryptocurrencies and eight networks: Arbitrum, Avalanche, BNB Chain, Celo, Ethereum, Fantom, Optimism, and Polygon.

Every purchase that a user makes through this new feature takes note of the user’s location and the local regulatory framework to offer a customized quote. The integrations and partnerships being pursued by MetaMask are aimed at expanding its reach and attracting more customers.

One of the recent developments announced by the company was to make it easier for users in Nigeria to purchase cryptocurrencies on the platform. The company announced a partnership deal with the MoonPay crypto fintech company. The wallet currently allows users in Nigeria to complete crypto purchases using bank transfers. The service is strategic for the company as Nigeria is one of the top countries in terms of crypto adoption.

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