ConsenSys has unveiled a new gateway to Ethereum by incorporating PayPal transactions of ether on the popular crypto wallet named MetaMask.
Additionally, a browser implementation planned for the first quarter of the coming year.
The MetaMask software wallet creator aims to allow some US customers to finance their wallets with ether (ETH) using PayPal-linked accounts.
In a post, ConsenSys stated that “in the coming weeks,” all US customers would be authorized.
Since 2020, PayPal customers have been able to “check out with crypto” utilizing Bitcoin, Ethereum, Litecoin, and Bitcoin Cash while making online transactions.
Users who choose to make a purchase within the MetaMask app can already do so using a number of different payment methods, including as an instant bank transfer, debit or credit card or Apple Pay.
Soon users can also use PayPal as an addition with other payment methods. According to MetaMask, a 1% fee is added to all purchases made through their platform.
According to a tweet by Adam Hollander, founder of a Web3 firm, the new PayPal capability “knocks down a meaningful barrier to entry for NFTs,”
MetaMask Privacy Policy Backlash
When ConsenSys said last month that collecting and keeping users’ wallet and IP addresses was routine, many of its customers were alarmed. This happened after the firm updated its privacy policy of its major products, MetaMask and Infura.
However, ConsenSys later states that it doesn’t keep the information for more than a week.
The company adds:
“We have never and will never sell any user data we collect.”
In reference to the company’s recent relationship with PayPal, MetaMask’s product manager, Lorenzo Santos sees the partnership as a way to bring in millions of new customers who are currently PayPal customers but who haven’t yet signed up for Web3.
Stripe Inc., a competitor of PayPal and the top payment platform for digital assets, announced layoffs back in November. The company was valued at $95 billion in its most recent investment round.
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