The on-ramp solution, which is the ability to buy crypto with fiat quickly, has been an issue with most decentralized exchanges. As a result, their users often purchase crypto with fiat on centralized exchanges before sending it to DEXes.
But the tides are changing for the better as Metamask, one of the foremost self-custodial wallet providers and DApps, locks down a partnership with PayPal. Thus, the users of Metamask can buy crypto with their PayPal accounts right within the DApp.
In this correspondence with the press, the Product Manager of Metamask, Lorenzo Santos, remarked that the main aim behind the integration was to ensure a more seamless experience for everyone who uses Metamask.
He further underscored that the partnership is a win for Metamask as a company and the entire Web3 space. He premised his statement on the fact that Metamask is one of the leading decentralized applications in Web3, with over 30 million active monthly users.
Thus, it is a win for the entire ecosystem if the 30 million users have access to an easier self-custodial wallet and trading experience.
While the Metamask team should have categorically informed the press about whether or not the integration has been tested and is successful, they assured everyone that the feature would be rolled out in the coming weeks.
A Few Limitations For Now, Though
While the Metamask-PayPal integration is applaudable, it’s noteworthy that a few things could be improved at the moment.
First, it is only available to those in the United States. The selective availability is due to regulatory compliance issues. Notwithstanding, the Metamask team noted that the feature would be available to their users in other countries with time.
Second, the users cannot buy any other cryptocurrency other than ETH. But just like the location restrictions, the team assures that the users can buy other cryptocurrencies in the future.
Despite these limitations, this collaboration will chart a better path for user experience in Web 3.
In conclusion, the partnership between Metamask and PayPal is indeed a welcomed development that seeks to simplify the buying experience of crypto within Web 3. Metamask users in the United States can now buy Ethereum with their PayPal accounts, with more features to come soon.
This integration will surely alleviate the overall trading experience on Metamask and decentralized exchanges, as users now have easy access to the crypto they need to fuel their transactions.
It is hoped that more features will roll out in the future, while users in other regions are catered for.