PayPal is largely recognized as a technique of making online payments. However, the company’s long-term goal is to become a straightforward entry point into the world of cryptocurrencies. In this respect, ConsenSys, the company that is behind the cryptocurrency wallet known as MetaMask, made an announcement that it would be adding a connection to its cryptocurrency wallet so that users could purchase cryptocurrencies using their PayPal accounts.
One of the most widely used non-custodial cryptocurrency wallets currently available is called MetaMask. It enables you to store crypto assets and engage with web3 goods by letting you use your wallet as your identification mechanism. Additionally, it enables you to communicate with web3 products.
However, if your MetaMask wallet is empty, there isn’t much you can do about it. Users have no choice but to make use of centralized cryptocurrency exchanges in order to purchase cryptocurrencies and then transfer them to their MetaMask wallets. You won’t need to move to a different provider and go through a lot of intermediary stages if you use MetaMask since its mobile app comes equipped with its very own on-ramp capabilities. You will be required to go through a KYC procedure (also known as “know your customer”) in order to purchase cryptocurrency from any of those partners. It indicates that you will be required to provide a large amount of personal information as well as verify your identity using a form of identification.
PayPal & MetaMask collab
The collaboration between MetaMask and PayPal will be beneficial to the success of both businesses. On the MetaMask side of things, there is a good likelihood that the conversion rate with the present on-ramp solutions is not very high. The Know Your Customer (KYC) procedures might be scary.
According to the most recent financial report published by the corporation, there are presently 430 million PayPal accounts in use all over the globe. Users of MetaMask who come across a large button indicating that cryptocurrency may be purchased using a PayPal account will find the process to be intuitive and comfortable sounding. When it comes to PayPal, more activity equals increased income.
Users of MetaMask will initially be restricted to making purchases of Ethereum (ETH) using just the online payment service PayPal. Before it is made accessible to all users in the United States, it will first be made available to a subset of users in the United States.