ConsenSys has announced a brand new on-ramp to Ethereum through a feature that will integrate PayPal transactions with ether into MetaMask’s mobile apps, with a browser integration that is targeted for early 2023’s first quarter.
Mobile MetaMask App wallet provider is planning to allow some US users to pay for their wallets using the cryptocurrency ether (ETH) by transferring the ETH they have to PayPal or purchasing the cryptocurrency using PayPal-linked bank accounts.
The eligibility criteria will be expanded in everyone US clients “in the next few months” ConsenSys said in a blog post.
PayPal has permitted users to purchase cryptocurrency, sell it and keep it until 2020. It also allows users in addition, to ” check out with crypto” for online transactions by using bitcoin, ether bitcoin cash and litecoin since 2020.
This week, PayPal competitor Stripe has launched its own on-ramp for fiat to crypto that allows customers to swap dollars for crypto.
On-ramps that are available for customers who click the Buy button in the MetaMask app offer immediate bank transfers, Apple Pay, or the option of a credit or debit card. Soon, PayPal will become an additional option. MetaMask’s fee of 1% is applied to purchases According to MetaMask.
A Web3 company’s CEO Adam Hollander tweeted that the new PayPal function “knocks down a significant barrier to access for NFTs.”
ConsenSys recently was criticized for a change to its privacy policies regarding two of its most popular products -Infura and MetaMask. MetaMask Infura and MetaMask Infura — after the company announced that the storage of the users’ wallets and IP addresses was standardpractice, which frightened some of its customers.
The company later reversed its position the decision, saying that it will keep user wallets as well as IP addresses a week following the time a transaction has been done.
In relation to the new PayPal agreement, MetaMask’s Product director Lorenzo Santos told Blockworks that “MetaMask does not collect or process KYC (know-your-customer) data or payment information.” He sees this integration as an opportunity to bring thousands of customers on Web3 that have given their payment information to PayPal.
Although it is true that the Web3 and crypto communities have been reluctant to use KYC procedures on privacy grounds however, many businesses in the field of money services such as US-regulated central exchanges like Coinbase and Coinbase, require it.