Recently, PayPal (NASDAQ: PYPL) has entered a deal with cryptocurrency wallet developer MetaMask to make it easier to purchase and store crypto on its online payments platform. This crypto feature will be available on specific users' accounts so as to permit the buying and transferring of Ethereum from PayPal to MetaMask.
MetaMask is significant, since, on a global level, the United States is one of its most popular users. Some particular uses that MetaMask has is NFT marketplaces, playing with different games, decentralized autonomous organizations, and metaverse worlds.
According to Lorenzo Santos, Product Manager for MetaMask, "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."
The PayPal system for checkout will work similarly to the way that eBay (NASDAQ: EBAY) and Etsy (NASDAQ: ETSY) are run, which permits users to purchase and transfer Ether by signing into MetaMask, clicking "buy," and then signing into the PayPal system from there.
Throughout the past several years, PayPal has managed to discover various ways in which it can help customers purchase, sell, or hold forms of cryptocurrency (starting in 2020). In 2021, PayPal implemented a "crypto feature" that feature that permits Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
This collaboration between PayPal and MetaMask will likely work to the benefit of both companies. At the moment, there are about 430 million PayPal accounts, as per an earnings report. The process of paying via PayPal will be both easy and convenient for those who also use MetaMask. Implementing PayPal into MetaMask will likely increase the customer base or the overall number of people who utilize MetaMask, and, in turn, PayPal.
If Ethereum is already in the PayPal account, then it can be utilized in order to support MetaMask wallets.