Paypal is one of the popular online payment solutions worldwide. Now, the company also wants to ease up payments in the Web 3 world, as they teamed up with Metamask to provide an easier way to purchase crypto.
ConsenSys, the company behind MetaMask, said that it would add a way for users to buy cryptocurrencies with their PayPal accounts to its crypto wallet.
How Does This Paypal and MetaMask Partnership Affect Users?
MetaMask is a popular, non-custodial crypto wallet. It allows you to store crypto assets and engage with web-based goods by using your wallet as your authentication mechanism.
However, you won’t be able to accomplish much if your MetaMask wallet is empty.
Because transferring assets between wallets costs money, this process is inconvenient and costly.
However, if you buy crypto from one of those partners, you must go through a KYC (“know your customer”) process.
It means that you’ll have to give a lot of personal information and show some kind of ID to prove who you are.
This makes the biggest feature of Web 3 and crypto, which is decentralization, pointless.
Not to mention, this KYC process also takes time and is very inconvenient.
Therefore, this is where the Paypal and Metamask partnership became very beneficial for users.
Not only will you no longer have to use third-party exchanges to buy your crypto, but you won’t need to undergo KYC procedures anymore as well.
Who wouldn’t want that?
As of December 14, some Metamask users in the United States can now use this feature within the app.
If you don’t have it yet, don’t worry.
Metamask will slowly roll out this feature to all eligible U.S. customers in the coming weeks as well.
Unfortunately, there is no news about the eligibility of this feature in the Philippines yet. However, we are hopeful that it will become available in other countries soon.
MetaMask is the first Web 3 wallet to use PayPal to drive more successful on-ramp transactions.
It’s no doubt that this partnership is beneficial for both companies.
Metamask will have more customers since it eliminated the intimidating KYC process through PayPal. And PayPal will have more wallet activities and revenues on their side as Metamask users opt to buy crypto using PayPal.
It’s a win-win for both companies and for users as well. It’s beautiful to see Web 2 companies teaming up with Web 3 companies to build amazing infrastructure like this.
We are excited to see more of these collaborations in the future as we head toward Web 3’s worldwide adoption.