MetaMask is the initial Web3 platform to collaborate with PayPal to facilitate faster bitcoin payments. All US customers with the exception of Hawaii residents will have access to the facility, and ConsenSys hopes to unveil the service countrywide in the following weeks.
MetaMask product manager Lorenzo Santos stated, “This connection with PayPal will enable our US consumers to not only purchase cryptocurrencies smoothly via MetaMask, but also quickly navigate the Web3 environment.” Web3 refers to the building of a decentralized internet based on blockchains, the innovation that underpins cryptocurrencies.
PayPal allowed consumers the opportunity to acquire Bitcoin, Ethereum, Bitcoin Cash, and Litecoin two years back, and in May 2022, they announced intentions to extend their offerings to enable users to transfer these cryptocurrencies into third-party wallets. MetaMask is only interoperable with blockchains that support Ethereum Virtual Machine (EVM). Joseph Lubin, the CEO of ConsenSys, is also one of the co-founders of Ethereum.
Ex-PayPal executives, often referred as the “PayPal Mafia,” have harshly condemned the company’s supposedly de-platforming tactics. Peter Thiel, co-founder and CEO of the firm through 2002, stated that the company has strayed away from its original mission of offering customers more control over their cash. The team also includes Elon Musk, the current CEO of Twitter Inc.