Taking Down a Huge Crypto Barrier

There are an awful lot of things that human beings can do well, and yet there is little we do better than growing on a consistent basis. This tendency to improve under every possible situation has already fetched the world some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature among people is largely predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, a closer look should reveal how the whole runner was also very much inspired by the way we applied those skills across a real\world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we discovered, will go on to scale up the human experience from every conceivable direction, but even after achieving such a monumental feat, technology will somehow continue to bring all the right goods to the table. The same has turned more and more evident in recent times, and truth be told, a newly-formed collaboration might just make that trend bigger and better moving forward.

PayPal has officially teamed up with MetaMask to provide the latter’s users with an option to fund their cryptocurrency purchases through their PayPal wallet. According to certain reports, the collaboration will just cover Ethereum for now, and as MetaMask’s largest market in terms of users, its initial reach will also remain restricted to only US. But what’s the incentive for these companies to enter into such a partnership? To understand that, we must explore what they offer from an individual standpoint. MetaMask, for instance, is a non-custodial wallet that lets you store crypto assets and interact with web3 products. The wallet also has its own on-ramp features so that you don’t have to switch to another service and go through many intermediate steps.  However, if someone is to buy crypto through one of those partners, they’ll have no option but to go through a whole KYC process, a process that can get tedious at times. This then leads to lower conversion rates, and a deflated bottom line. Hence, by using PayPal’s simplified structure, MetaMask would hope to make a breakthrough it so needs right now.

As for PayPal, the company has lately been working at length to grow its presence around the crypto sphere. Just a few months ago, it added dedicated support to facilitate crypto transfers. Interestingly, by doing so, it didn’t just allow users to fund their PayPal wallet with crypto assets, but it also allowed them to send funds to a third-party crypto wallet. Apart from market presence, the move will also help PayPal in bolstering its revenue stream, considering it charges a standard fee for every crypto-related transaction.

When quizzed regarding the partnership, Lorenzo Santos, product manager for MetaMask, said:

“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.”