Ethereum (ETH) is now reaching PayPal users thanks to a new partnership. PayPal has been dipping its toes steadily into the crypto waters and already offers buying, selling, and holding crypto to its customers. With another development, the company now allows users to purchase ETH directly, as well as transact on the Ethereum blockchain.
on a wednesday advertisement, Metamask revealed that PayPal users will soon be able to purchase Ethereum directly using the online payments platform. However, rather than having to purchase the cryptocurrency directly within PayPal and not being able to transfer it, Consensys’ announcement said that Metamask users will be able to purchase the digital asset directly from within the self-custody wallet.
According to the announcement, PayPal will be available as a payment method directly from the app. By clicking the “Buy” button on Metamask, users can select between different payment methods to buy ETH on the go. “This integration with PayPal will allow our US users to not only seamlessly purchase cryptocurrency through MetaMask, but also to easily explore the Web3 ecosystem.”
“Once this is done, the ETH will be available in the user’s Metamask balance, which they can then use to explore the Web3 space, as well as transfer it to other wallets,” said Lorenzo Santos, MetaMask Product Manager.
PayPal itself already has support for four cryptocurrencies, including Ethereum, Bitcoin, Litecoin, and Bitcoin Cash. It also has the “Pay with Crypto” feature that allows users to shop online using their crypto balances. However, PayPal users can only buy, sell and hold cryptocurrencies in their accounts and cannot transfer them.
ETH price falls below $1,300 | Source: ETHUSD on TradingView.com
Good news for Ethereum
The new integration between PayPal and Metamask is good news for Ethereum, which has seen a slowdown in usage over the past few weeks. The digital asset was negatively affected by the crash and eventual hack of the FTX exchange as the hacker began dumping ETH.
The widespread adoption of cryptocurrencies is often boosted by providing easy ways for people to buy them. Furthermore, the partnership also serves to bring more users into the Ethereum Web3 ecosystem, thereby increasing participation in the space.
The partnership with Metamask comes just one day after PayPal founders Elon Musk and Peter Thiel criticized the payments platform for its authoritarian practices. Thiel said the company had moved away from the original vision of giving users control over their money, while Musk damned the company says that it “has become an episode of Black Mirror.”
Featured Image from CNN, Chart from TradingView.com
