PayPal is testing the Web3 waters. Basically, this marks the first time in Web3 history that a specific crypto wallet has rolled out a direct PayPal method of payment. What can we expect from this PayPal MetaMask integration? Let’s find out how the decentralized community received it, and how to buy ETH with PayPal!
In a recent statement, Lorenzo Santos, MetaMask’s product manager, said the following: “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.”
How to Buy ETH With PayPal:
Initially, users relied on centralized cryptocurrency exchanges like Coinbase, Kraken, and FTX (Before their downfall) to buy cryptocurrencies. They then transferred them to their MetaMask wallet.
Now, however, this is not their only option.
Similar to PayPal’s checkout feature at online stores, the integration with MetaMask will let users buy and transfer Ether. The “How to Buy Eth with Paypal” steps are very straightforward in theory:
- Log into MetaMask.
- Tap the “buy” button on Eth.
- Log into PayPal before making a purchase.
In a statement provided by the company, it was revealed that select U.S.-based MetaMask customers will be able to use PayPal to buy Ether as of Wednesday. Moreover, the feature will be rolled out to all U.S. users in the coming weeks.
MetaMask tweeted the following on December 14 and the community was HYPED!
Our US users will now be able to fund their wallet with ETH via @PayPal! 🦊
Rolling out in the next weeks in the US, excl. Hawaii, through our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m
— MetaMask 🦊💙 (@MetaMask) December 14, 2022
However, some people still had their doubts. They even went to Twitter to express their skepticism over the whole PayPal Eth policy fine print…
How to Buy ETH with PayPal: History of PayPal With Crypto
By the beginning of 2021, PayPal added a “checkout with crypto” feature. This feature supported Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
PayPal customers were able to use their cryptocurrency holdings as a funding source to pay at PayPal’s 26 million merchants around the globe.
Basically, the service allowed U.S. customers to use their cryptocurrency balances to pay for online purchases, with PayPal charging a fee to convert digital assets into dollars.
At that time, PayPal provided account holders with educational content to help them understand the cryptocurrency ecosystem. They went over the risks and opportunities related to investing in cryptocurrency, and information on blockchain technology.
It’s worth mentioning that there were no service fees when buying or selling the cryptocurrency through December 2020. And there were no fees for holding cryptocurrency in a PayPal account.
Conclusion
Finally, the specifics on “How to buy ETH with PayPal” will roll out as soon as the feature becomes in use! We’ll provide you with all the nitty-gritty details.
And with more than 430 million PayPal accounts, you can bet that this integration will widen the spectrum of cryptocurrency exchange. And with more activity comes more revenue.
It’s safe to say that PayPal isn’t the only financial technology company dipping its toes into the crypto waters as of late. With the rise of the digital realm, Western Union and Cash App also expanded their services into the Web3 sphere.
What will the future hold for digital currencies? We’ll have to wait and see!