ConsenSys Inc., the company behind leading crypto wallet MetaMask, announced on Thursday a new partnership with PayPal Holdings Inc., which will allow most U.S. users to purchase Ethereum on their wallet using the payment giant.
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Fast facts
- The partnership makes MetaMask the first Web3 platform to partner with PayPal to enable easier purchases of cryptocurrency.
- The service will be available to all U.S. users except those in Hawaii, with ConsenSys saying it plans on rolling out the service nationwide in coming weeks.
- “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 Lorenzo Santos, product manager for MetaMask.
- Web3 refers to the development of a decentralized internet built around blockchains, the underlying technology of cryptocurrencies.
- PayPal first offered users the ability to purchase Bitcoin, Ethereum, Bitcoin Cash and Litecoin in 2020, and announced plans to expand their services to allow users to move that crypto into third-party wallets in May this year.
- MetaMask is only compatible with Ethereum Virtual Machine (EVM) supported blockchains. Joseph Lubin, chief executive officer of ConsenSys is also a co-founder of Ethereum.
- Separately, former PayPal leaders, known as the “PayPal Mafia” have recently criticised the company’s so-called de-platforming practices. Company co-founder Peter Thiel, who served as chief executive officer until 2002, said the company has moved away from its origins of giving customers greater control over their money. The group also includes current Twitter Inc. boss, Elon Musk.
See related article: PayPal unveils plan to greatly expand crypto services