PayPal, seems to be really serious: Coindesk recently reported that PayPal is working on a partnership with MetaMask.
MetaMask is one of the hottest names in the crypto wallet industry, this collaboration could take PayPal to the next level by being able to create a more efficient and faster cryptocurrency buying experience.
The new announcement reported that the two giants of the digital world are evaluating different options available for transferring their assets in order to make it easier for users. The news was reported via a press release today.
PayPal and MetaMask: an easy way to buy crypto
This partnership is great news for anyone who wants to buy cryptocurrencies in simplicity. The intention of PayPal executives and those at MetaMask is for a simpler and lighter approach. The goal will bring more investors into the industry; ease of purchase will be one of the factors in getting more users into the PayPal loop.
Soon it will be available to allow users to select PayPal as a payment option when purchasing Ethereum within the MetaMask portal. Additionally, the new update integrates the two platforms’ digital resources.
This kind of functionality is already available in several platforms, such as Etsy and eBay. In addition, it will now also be possible to purchase products using a MetaMask account, as can already be done on PayPal.
MetaMask product manager Lorenzo Santos said the benefit of this development will be to introduce customers to Web3:
“This integration with PayPal will allow our U.S. users not only to seamlessly purchase cryptocurrencies through MetaMask, but also to easily explore the Web3 ecosystem.”
Without a doubt, it is a moment of revolution for PayPal, which is expanding its horizons to larger shores.
A crypto wallet such as MetaMask is often the starting point for interacting with Web3 applications such as play-to-earn games and some metaverse platforms. The addition of PayPal to MetaMask could expand the customer base for some of these applications by removing the complexity of buying cryptocurrencies.
PayPal’s future lies in the crypto ecosystem
Last week, PayPal launched its tool to help Web3 companies, including gaming and NFT marketplaces, enable their customers to purchase cryptocurrencies with legal currencies such as the US dollar. The payments company, which has partnerships with Apple and Walmart, said it will also handle fraud, compliance and Know-Your-Customer (KYC) controls.
Furthermore, after launching in the crypto world in the United States and the United Kingdom, PayPal is also landing in Luxembourg with its crypto services, finally expanding into the European Union.
It will expand its crypto service to Luxembourg in the coming days. The news was announced by the payments company last Wednesday. This is really important news that marks PayPal’s landing in the European Union. Moreover, Luxembourg was already home to PayPal’s EU headquarters for a long time, so in the near future it could act as a gateway for the other 26 member countries, specifically when the new regulation for cryptocurrencies (MiCA) comes into effect.
The new regulatory regime aims to grant companies registered in each individual member state a license to offer their services throughout the EU through an identification registration process. Crypto exchanges Binance and Coinbase have taken this route in recent months. More recently, Nexo and Gemini have registered in Italy.
Not only PayPal, other payments-related companies also want to enter the crypto ecosystem
In itself, PayPal’s entry into the blockchain industry is inevitably an important step in the cryptocurrency story. Visa and Western Union are looking to follow in PayPal’s footsteps. In fact, the latter are both committed to making their way into the cryptocurrency world, creating a bridge between their payment services and that of crypto wallets.
PayPal, universally recognized for digital transactions, is paving the way for this type of payment.