PayPal Introduces New Features for Web3 Payments with MetaMask in the US
In a bid to expand its digital asset services, global payments giant PayPal has introduced new on- and off-ramps for Web3 payments. The latest features allow customers in the United States to directly buy and sell various cryptocurrencies into their PayPal balances. This move is a continuation of the collaboration between PayPal and MetaMask, which began in 2022 and has been steadily growing.
The new features unveiled on September 11 enable users to convert their cryptocurrencies to US dollars directly from their wallets and add them to their PayPal balance. This functionality is immediately available on wallets, decentralized applications, and non-fungible token markets, and is already live on MetaMask.
The key objective behind these new offerings is to provide customers in the United States with more options to engage with a wide range of cryptocurrencies. Moreover, web3 merchants can leverage PayPal’s trusted and seamless payments experience to expand their user base, opening up new avenues for growth.
It is worth noting that a promotional video on YouTube showcases PayPal’s login and exit features. The video demonstrates a user sending 0.0015 BTC (equivalent to 50 USD) to an external wallet, with a network fee of 5 USD and a transaction fee of $2.19. However, it is important to mention that MetaMask does not support BTC transactions on the original Bitcoin blockchain.
This latest development comes hot on the heels of PayPal’s partnership with Ledger, a prominent physical wallet company. The collaboration, which was announced in August 2023, enables verified users in the US to purchase Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) directly into a physical Ledger wallet using Ledger Live software.
Furthermore, PayPal’s collaboration with MetaMask has been ongoing, with MetaMask enabling Ether purchases through PayPal for US users since May 2023. MetaMask, owned by ConsenSys, initially partnered with PayPal in late 2022 to facilitate ETH transactions.
The introduction of new on- and off-ramps for Web3 payments with MetaMask signifies PayPal’s dedication to staying at the forefront of digital asset services. As the use of cryptocurrencies continues to grow, PayPal aims to empower users to seamlessly navigate the evolving landscape, providing them with convenient and secure avenues to manage their digital assets.