U.S. MetaMask users can buy ETH with PayPal. Coinbase Pay, MoonPay, Sardine, Transak, and Wyre are payment processors for Web3, a popular crypto wallet.
One of the most popular Web3 crypto wallets, MetaMask, has made it possible to purchase ETH straight through PayPal, but only for customers in the United States.
PayPal is integrated into MetaMask for instant cryptocurrency purchases
In the press, MetaMask asserted that it was the first Web3 wallet to support PayPal ether transactions.
But how does practice alter? actually, everything.
Because to this partnership, US users can now use PayPal to purchase ETH on MetaMask. Additionally, the integration enables the transfer of ETH from PayPal to MetaMask.
Additionally, the financial technology firm teamed up with MetaMask’s parent company ConsenSys in December, claiming that the alliance will let consumers acquire cryptocurrencies with ease and have easy access to the Web3 ecosystem.
The MetaMask platform has integrated PayPal, creating a significant ecosystem of payment processors, such as Coinbase Pay, MoonPay, Sardine, Transak, Wyre, and more.
According to a quarterly report filed with the US Securities and Exchange Commission, the corporation possessed $943 million worth of cryptocurrencies as of March 31, 2023. The company reported $604 million in cryptocurrency in the prior quarter, which is a 56% increase.
MetaMask and the new capability to purchase cryptocurrency using fiat money
We can see that MetaMask recently introduced a new feature that enables users to buy cryptocurrency with fiat currency directly from its DApp portfolio. This new PayPal integration was announced only a few weeks later.
According to the business, a new feature called “Buy Crypto” enables customers to buy a variety of cryptocurrencies using a number of different payment methods, such as bank transfers and debit or credit cards:
More than 189 nations will be able to access the service, and it will offer over 90 tokens on eight distinct networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.
Users of the MetaMask extension wallet can either choose the ‘Buy’ button or link their wallet to the dApp wallet to utilize the feature.
Following that, customers can choose their preferred network, payment method, token, and area.
But that’s not all; in order to deliver a tailored offer for each purchase, the program also takes into account a variety of variables, including the user’s location and local laws. After choosing a quote, the user is directed to a third-party website to complete the transaction.
The user’s MetaMask wallet receives the funds right away after that. We know, in general, that MetaMask has always sought partnerships and integrations to broaden its reach and offer on-ramps for its clients.
MetaMask and cryptocurrency growth via MoonPay in Nigeria
The introduction of direct access to cryptocurrencies in Nigeria is a new step for MetaMask.
In this instance, the wallet now enables users in the African nation to buy cryptocurrency via quick bank transfers owing to a deal with crypto fintech business MoonPay.
Nigeria is one of the top twenty nations for cryptocurrency adoption, according to the Chainalysis 2022 Global Crypto Adoption Index.
Before the agreement, MetaMask users in Nigeria could access wallets, but buying bitcoins was expensive and time-consuming.
According to Lorenzo Santos, Product Manager at MetaMask:
While Moonpay had a card integration feature, around 90% of attempts to buy cryptocurrencies with a credit or debit card were declined.
Instead, purchasing cryptocurrency on MetaMask is now quicker and more affordable thanks to the new integration that supports local bank transfers. This enables users to acquire cryptocurrency without having to send funds from a centralized exchange.
According to Zeeshan Feroz, Chief Product and Strategy Officer of MoonPay, the integration will likely result in a 90% drop in the decrease rate of direct cryptocurrency purchases in Nigeria.
In addition, he mentioned that wire transfers, a well-liked payment option in Nigerian e-commerce enterprises, will be available to clients from all banks in the country.
Nigeria has become a significant market for MetaMask despite the country’s current cryptocurrency issues, placing third in terms of monthly active mobile users. Santos clarified: