PayPal Holdings Inc (NASDAQ:PYPL) is expanding its cryptocurrency offering for US users through an integration with crypto wallet MetaMask.
Developed by New York-based software firm ConsenSys, MetaMask is a popular browser extension for interacting with applications on the Ethereum blockchain and performing transactions with Ethereum-based tokens.
The integration will allow users to access their PayPal accounts through MetaMask, allowing for a convenient way to buy ether (ETH) for use in Web3 applications.
Users are already able to buy and sell a range of crypto assets on PayPal, but this integration represents the first time the global payment platform will be used as a Web3 on-ramping solution.
In a statement, ConsenSys said: “MetaMask will be the first Web3 wallet to leverage PayPal to drive more successful on-ramp transactions,” adding: “The MetaMask wallet is the primary way millions of users interact with applications that include NFT marketplaces, play and earn games, decentralised autonomous organizations (DAOs), decentralised finance (DeFi) applications, and metaverse worlds.”
Lorenzo Santos, product manager for MetaMask, added: “This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem.”
As a third-party wallet, MetaMask allows users to retain custody of their digital assets without having to rely on an exchange.
There has been a renewed interest in self-custody solutions like MetaMask following the collapse of FTX, formerly the world’s second-largest digital asset exchange.
With self custody likely to be a major cryptocurrency trend in the new year, further such integrations should be expected.
Rollout to US PayPal users is expected in the coming weeks.