ConsenSys, the parent company of a major cryptocurrency wallet provider, MetaMask, has made an announcement about its latest partnership.
ConsenSys has announced that they have formed a partnership with PayPal, a major online payment services provider. PayPal has also entered the crypto industry allowing users to buy and sell crypto.
However, PayPal does not provide users access to a long list of cryptocurrencies to buy and sell. Instead, it has stuck with some of the most prominent and major cryptocurrencies from the crypto-verse.
ConsenSys Partners with PayPal
The partnership between ConsenSys and PayPal revolves around the wallet provider, MetaMask.
As confirmed by ConsenSys, the users of MetaMask or PayPal will be able to purchase cryptocurrencies from the latter’s platform.
For now, the partnership involves the purchasing ability of just one cryptocurrency, Ether (ETH), the second-largest crypto in the market.
Following the partnership, the MetaMask users will be able to interact with the PayPal platform to purchase Ether. After purchasing, the users will be able to transfer Ether to their MetaMask wallet.
Service to be rolled out gradually
MetaMask officials have confirmed that the facility will not be rolled out to all PayPal users at once. Instead, they have planned that the rollout process would take place gradually.
They will be targeting certain groups on the PayPal platform to gather feedback on their latest service.
If the feedback is positive, then they will proceed with expediting the process of rolling out the service to all the users.
MetaMask announced on December 14 that for now, the services will be made available to select PayPal users. These users are based within the United States.
The reason behind choosing the users from the United States is because MetaMask’s dominant adoption comes from the US. With the US being the largest market for MetaMask, their new service will gain fast adoption.
MetaMask has announced that with immediate effect, users based in the US will be able to purchase and send ETH to their wallet from PayPal.
Hawaii is Not Included
The MetaMask officials have announced that they have already started rolling out the feature to US-based users.
The users who are able to see the option on their PayPal web portals or mobile applications can use the option. The wallet provider has asked mobile app users to update their apps to avoid any confusion.
The company has also confirmed that for now, they have excluded the users based in Hawaii, so they will not see the option. MetaMask may later announce when the service will be made available for the Hawaii users.
Simple Use of MetaMask and PayPal for Purchasing ETH
The teams have confirmed that all the users have to do is visit their MetaMask wallet. There, they can select Ether to buy the asset and use the PayPal option.
With a single tap, they will be redirected to the PayPal login page, where they can log in and complete the ETH transaction. Just as the transaction is complete, the purchased ETH is sent directly to the wallet.
The service is limited not just to the purchase of new ETH from PayPal. The users can do the same for the existing ETH on their PayPal platform.
They can choose the MetaMask option on their PayPal profile to send the ETH to the respective wallet.
MetaMask’s Ultimate Goal
Like the majority of the crypto firms, MetaMask is also eager to bring crowds to the Web3 ecosystem.
Forming a partnership with PayPal and offering purchasing facility for ETH is just the first step in achieving the ultimate goal.
They want more and more people to interact with the Web3 ecosystem so they can learn more about it. This way, the adoption level for Web3 technology will rise tremendously.
With the incorporation of a new service in favor of ETH, the digital asset will eventually experience a strong rally.
