MetaMask, the leading Web3 wallet, has integrated PayPal into the user experience such that users can buy crypto using their PayPal account. The established workflow for users has been to use centralized crypto exchanges, such as Coinbase and Kraken, to purchase assets and transfer them onchain to a non-custodial wallet like MetaMask. But MetaMask also has its own on-ramp partners — MoonPay, Wyre, and Transak — which help users purchase crypto directly from the app.
There are currently 430MM PayPal accounts — an install base larger than the population of the United States. PayPal first began letting users buy and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin in 2020. Still, users were only able to startin moving their asset to external wallets in June this year. The MetaMask integration puts PayPal into the role of on-ramp provider, rather than the core digital wallet experience. Note that unlike Phantom and Coinbase Wallet, MetaMask remains focused on EVM chains.
This month, Stripe also launched its own “fiat-to-crypto on-ramp” across various chains for Web3 companies, meant to power games and NFT marketplaces. Given Stripe’s focused on the “GDP of the Internet”, including Web3 is non-negotiable. The competition from leading fintechs to own the ramps is good for crypto infrastructure and usability.
Looks like recursive tokenomics to us. Stake your NFTs to earn your APE tokens, stake your APE tokens to earn more APE tokens. Just don’t sell and don’t look at price.
Aztec Network, a privacy-focused ZK-rollup on Ethereum secured using the PLONK Zero-Knowledge proof algorithm, has raised $100MM in Series B funding led by a16z crypto, with participation from A Capital, King River, Variant, SV Angel, Hash Key, Fenbushi, and AVG.
In the current public blockchain paradigm, users broadcast data to the public, which can affect security and costs of verifying the legitimacy of transactions. ZK-proofs transmit knowledge without revealing the content of that knowledge, and ZK-rollups can present proof of the validity of every transaction in a batch, while also taking up less space. See here to read more about PLONK ZK-Proof.
