Market Analysis Report (15 Dec 2022)

Popular cryptocurrency wallet MetaMask is integrating PayPal to allow its users to buy the second-largest cryptocurrency by market capitalization, Ethereum (ETH), directly from their wallets.

The integration will be similar to PayPal’s checkout feature at online stores like Etsy and eBay, as users will need to log into their PayPal accounts before making a purchase. In a statement, the company said select U.S.-based MetaMask users will be able to use the feature now and that it will roll out to other U.S. users in the coming weeks.

MetaMask is a popular gateway into Web3, and adding PayPal to the wallet could help broaden the user base for some of the applications within the Web3 ecosystem by removing the complexity of buying crypto at an exchange and sending it to a wallet.

MetaMask product manager Lorenzo Santos said in a statement:

“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.”

PayPal started letting users on its platform buy, sell, and hold crypto in 2020. Last year, it launched a “checkout with crypto” feature letting users pay with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

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• Source: https://www.cryptocompare.com/email-updates/daily/2022/dec/15/