PayPal is primarily an online payment processor that facilitates Internet-based transactions in Euros, US dollars and other fiat currencies. The Californian company will also make it easier to buy and transfer cryptocurrencies and enters into a new partnership with wallet provider MetaMask.
MetaMask: Buy, save, send and exchange tokens – via app or browser extension
The collaboration between PayPal and MetaMask will initially allow wallet owners in the US to seamlessly purchase and transfer ETH through their PayPal account. This was announced by the wallet’s parent company, Consensys, on December 14 via Twitter.
Our US users will now be able to fund their wallet with ETH via @PayPal! This
Rolling out in the next few weeks in the US, excl. Hawaii via our mobile app (make sure to update to v5.13.0)🧵👇https://t.co/392JwFYF3m
— MetaMask This one💙 (@MetaMask) 14 December 2022
According to the aforementioned announcement, initially only selected US customers can use the new functionality. As one of the largest markets for online payment services as well as cryptocurrencies, the United States could act as a kind of testing laboratory before expanding the circle of potential customers and opening up more markets.
The collaboration between the services allows users to log in through the MetaMask mobile app, purchase ETH there, and be redirected directly to their PayPal account to complete the payment process.
Quick Guide: Using PayPal in the MetaMask App
- Log in to the mobile wallet app
- By pressing the “Buy” button and selecting “PayPal” as the payment source
- Enter the desired ETH amount
- Forwarding to online payment service
- Purchase of the cryptocurrency with credit, a credit card deposited with PayPal or the current account
- Confirmation of the transaction
The online payment service founded by Elon Musk and Peter Thiel is more than 20 years old and is now synonymous with online payment transactions. According to Statista, the platform is available to 429 million people worldwide and processed over 5.6 billion transactions in the last quarter.
The crypto wallet supports any kind of Ethereum based token. These include ERC-20 standard tokens or non-fungible tokens (NFT). The app not only functions as a crypto wallet, but primarily impresses with its direct connection to smart contracts and other DeFi applications.
The soft wallet’s open source software can be used as a mobile app and as a browser extension in Google Chrome or Firefox. Browser plug-ins also allow users to connect their wallet to applications from the Uniswap ecosystem
Not only PayPal is integrating Ethereum into its services
The online payment service co-founded by Elon Musk is one of a growing number of payment service providers integrating cryptocurrencies into their offerings. They respond to the increased demand for simple online services that enable interaction with crypto ecosystems.
Competitors MoneyGram and Western Union also allow US users to exchange digital assets. An expansion of the range of services in the Web3 area would be the next logical step, which has not yet been announced by either of the above two companies.
Cash App also helps drive faster and more efficient crypto transactions, a payment app that has integrated transactions through the Bitcoin Lightning Network, allowing users to send and receive BTC over the Layer 2 protocol.
The limits of Bitcoin’s programmability are Ethereum’s strength
As with the IMPT IPO this week or the presale of D2T, which has attracted a lot of attention in the past few days, the collaboration between PayPal and Metamask also involves Ethereum. Blockchain has a clear advantage over Bitcoin when it comes to business solutions and new applications. Here, developers can program their own applications that “run” on the chain via smart contracts.
So it is no coincidence that the Ethereum chain is regularly involved in the numerous seemingly crisis-proof new issues this year, whether they are non-fungible tokens or native coins. Even when it comes to the growth market of move-to-earn platforms, which the new FightOut project is penetrating, Ethereum is the technological foundation.
Move-to-Earn: Become a fighter with FightOut
The M2E sector is an area of the crypto market that is hardly affected by the crisis sentiment. Offers such as STEPN have also contributed to this. The new Web3 application FightOut also rewards its users for achieving fitness goals and training progress with an in-app currency (FIGHT). It has some unique selling points that can make the crypto project interesting for users and investors.
FightOut goes a step beyond existing M2E platforms, for example by not only tracking steps and processing user input, but also incorporating innovative technologies for measuring physical parameters, for example via sensors on fitness equipment.
Additionally, users do not need to purchase NFTs to access the platform and its features. Unlike some other move-to-earn apps, FightOut’s M2E concept is not limited to narrow fitness goals. The software aims to encourage a holistic active and healthy lifestyle.
At the heart of the app is an individual avatar that becomes each user’s Web3 identity. This also includes attributes such as strength, muscularity and cardio performance. The technique is of course particularly important in relation to martial arts, which is why progress in martial arts is also reflected in the Web3 ego. This is made possible by recording statistics from the real training sessions. The avatar is also a non-fungible token that cannot be traded but is only used in the metaverse.
The developers plan to open 20 fitness studios to get as many customers as possible, including those who are not crypto-savvy, excited about Web 3.0 technologies in the health and fitness sector. These studios are intended to become community centers where members can meet and be physically present, but do not have to.
FightOut Tokens: FIGHT in advance
At the center of the platform is the app, where the sensors on the used smartphones or connected smartwatches are used to measure physical performance and stress.
The native FIGHT token, REPS (in-app currency) and a fiat currency can be used to register. However, those using the original currency will get a 25 percent discount. This is intended to increase the value of the platform’s own token. Finally, unlike the NFT avatars, this one can be traded on the open market.
REPS: FightOut’s off-chain currency
Rewards for progress are “paid out” to platform users in REPS. The in-app currency is used to pay for goods and services such as online consultations with personal trainers or interactions with one of the yet-to-be-named martial arts masters.
The app’s own means of payment can also be purchased with FIGHT. The development team wants to provide another vector that secures the value of the FIGHT token.
Instructions on how to buy Fight Tokens in advance
- Step 1 – Open the wallet: Desktop users open a MetaMask wallet, smartphone users open a Trust wallet
- Step 2 – Buy ETH or USDT: Get ETH or USDT from a crypto exchange or directly from the FightOut website
- Step 3 – Connect Wallet: Follow the wallet connection steps shown on the FightOut website
- Step 4 – Buy FIGHT: Go to the purchase page via the ‘Buy KÄMP now’ button, enter the investment amount and confirm the transaction
- Step 5 – Request FIGHT Token: After the advance sale, the reserved number of tokens can be requested