Cryptocurrency

MetaMask rolls out ETH purchases via PayPal to US users

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Crypto wallet MetaMask has started rolling out Ether (ETH) purchases via PayPal for users in the United States — one of Metamask’s biggest markets. The company claims to be the first Web3 wallet to offer ETH transactions via PayPal.

Through the collaboration, American users can now choose PayPal as their payment method when buying ETH using MetaMask. The integration also makes it possible to transfer ETH from PayPal to MetaMask.

The financial technology firm teamed up with MetaMask parent ConsenSys last December, claiming the partnership would allow users to buy crypto seamlessly and explore the Web3 ecosystem easily. 

PayPal is joining a wide ecosystem of payment providers already integrated with MetaMask, including Coinbase Pay, MoonPay, Sardine, Transak, and Wyre, among others. In a quarterly report filed with the U.S. Securities and Exchange Commission, the company disclosed a total of $943 million in crypto assets as of March 31, 2023, a 56% jump from the previous quarter when the company reported $604 million in crypto assets.

The new integration came mere weeks after MetaMask announced a new feature for users to purchase crypto with fiat currency directly from its Portfolio Dapp. Known as “Buy Crypto,” the new functionality enables users to purchase a range of cryptocurrencies using various payment methods, including debit or credit cards and bank transfers.

Over 189 countries will be covered by the service, which supports more than 90 cryptocurrencies across eight networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo. For each purchase, the feature considers the user’s location and local regulations to provide a customized quote.

MetaMask has been pushing for integrations and partnerships to expand its reach and offer on-ramps for its customers. One of its recent developments sought to expand direct access to cryptocurrencies in Nigeria. By partnering with crypto fintech MoonPay, the wallet now enables users in the African country to purchase crypto via instant bank transfers. Nigeria is ranked among the top 20 countries in cryptocurrency adoption, according to Chainalysis 2022 Global Crypto Adoption Index.

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