Due to a new arrangement, customers of PayPal may now purchase Ethereum (ETH).
PayPal has been gradually dipping its toes into the crypto seas and already provides its clients with the ability to purchase, trade, and keep cryptocurrencies.
Another advancement made by the firm now allows customers to buy ETH directly and conduct transactions on the Ethereum network.
A strong partnership will work for clients to purchase Ether
In a statement on Wednesday, Metamask said that customers of PayPal will be able to buy Ether straight through the online payment system in a short time.
But according to the Consensys release, Metamask customers will actually be able to buy the digital asset immediately from inside the self-custody wallet, as opposed to needing to do so directly through PayPal and being unable to move it.
The statement states that PayPal will be an option for making payments directly from the app.
Users may choose from a variety of payment options in Metamask by hitting the “Buy” button to buy Ethereum on the fly.
The connection with PayPal, according to MetaMask’s Product Manager Lorenzo Santos, will make it simple for American users to explore the Web3 environment as well as smoothly purchase cryptocurrency through MetaMask.
4 Cryptos, including Ether, BTC, LTC, and BTC Cash, are already supported by PayPal.
The “Checkout with crypto” function enables customers to make online purchases using their cryptocurrency holdings.
PayPal customers, however, are only allowed to purchase, trade, and store cryptocurrencies in their accounts; they cannot move them elsewhere.
Here’s some good news for ETH
Ethereum, whose usage has slowed down over the past few weeks, will benefit from the new PayPal and Metamask connection.
The hacker started dumping ETH when the FTX exchange collapsed and was ultimately compromised, which had a negative impact on the digital asset.
By making it simple for anyone to buy cryptocurrencies, mainstream acceptance of them is frequently accelerated.
The alliance also has the benefit of bringing in additional users to the Ether Web3 ecosystem, which raises participation.