MetaMask, a Web3 cryptocurrency wallet service, and PayPal Holdings Inc. (NASDAQ:PYPL) are collaborating to give consumers more choices for transferring digital assets from respective platforms, the companies said on Wednesday.
What Happened: Through the collaboration, users will be able to choose PayPal as a payment method when purchasing Ethereum (CRYPTO: ETH) inside the MetaMask software wallet. According to the press release, the offering will make it simple to buy and send Ethereum through PayPal to MetaMask.
MetaMask hopes that the product will assist in attracting more users to the Web3 ecosystem.
"This integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem," said ConsenSys product manager Lorenzo Santos in a press release.
Why It Matters: Beginning on Wednesday, a small number of PayPal's U.S. clients will have access to the new service while the company works to roll the offering out to the rest of its U.S. users over the coming weeks.
In June, PayPal enabled the transfer of cryptocurrencies between its own platform and a number of well-known crypto exchanges. The fintech originally launched its cryptocurrency buy, sell, and hold service in October 2020.
PayPal rival Stripe unveiled its own platform last week aimed at assisting Web3 businesses, such as games and NFT marketplaces, by allowing their clients to buy cryptocurrency with fiat currencies like the U.S. dollar.
The payment processing business, which has partnerships with Apple and Walmart, announced that it will also take care of fraud, compliance, and know-your-customer (KYC) checks.
Photo: Courtesy of Gage Skidmore on flickr.