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Blockchain News

MetaMask Integrates Option For Users To Buy Tokens Using PayPal, Bank Transfer, And Cards

MetaMask, a prominent non-custodial wallet provider for Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains, has launched a new feature that allows users to buy crypto directly from its Portfolio Dapp using fiat currency. 

The new “Buy Crypto” tool, which is now available in over 189 countries, provides access to over 90 tokens from eight distinct networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimist, and Celo. 

Users can buy bitcoins with debit or credit cards, PayPal, bank transfers, and quick ACH payments. (Automated Clearing House). The company expects that the move would make it easier for people to buy cryptocurrency with fiat currency, hence attracting more users to the industry.

MetaMask users can connect their wallets to the Portfolio Dapp or click the “Buy” button in the MetaMask extension wallet to access the feature. To generate a tailored quote for each transaction, the feature takes into account a number of criteria, including the user’s location and local legislation.

After selecting a quote, the user will be taken to the website of a third-party supplier to complete the transaction. The funds will subsequently be transferred to the user’s MetaMask wallet. MetaMask has collaborated with a number of organizations throughout the years to bring new users to their platform. ConsenSys, MetaMask’s parent firm, teamed with PayPal in 2022 to allow users to buy and transfer ETH. The service was initially limited to PayPal users in the United States, which is one of MetaMask’s main user markets. 

This feature is also likely to aid with the onboarding of new users to the MetaMask platform, particularly in nations where crypto use is increasing yet purchasing crypto is time-consuming. MetaMask is a popular non-custodial wallet that allows users to connect to decentralized finance (DeFi) and non-fungible token (NFT) protocols.

The new feature is especially welcome in Nigeria, where MetaMask is widely used. In terms of mobile monthly active users, the country ranked third.  ConsenSys, MetaMask’s parent company, recently teamed with crypto fintech MoonPay to allow Nigerian users to acquire cryptocurrency using rapid bank transfers. The connection makes it much easier to acquire cryptocurrency without using credit or debit cards. 

According to Lorenzo Santos, MetaMask product manager, the new integration facilitating local bank transactions is expected to reduce friction and onboard more customers. 

Despite the Central Bank of Nigeria’s prohibition on banks servicing crypto exchanges, Nigeria has emerged as a prominent market for MetaMask. According to statistics, 32% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.