3 - 5 minute read
MetaMask, a popular cryptocurrency wallet and decentralized application provider, has announced the launch of a new feature that aims to provide its users with an easier way to purchase crypto with fiat currency. The new feature, called “Buy Crypto,” will allow users to purchase a wide range of cryptocurrencies using various payment methods, including debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House).
According to MetaMask, the service will be rolled out to users in over 189 countries and will offer more than 90 tokens across eight different networks, including Ethereum, Polygon, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, Optimism, and Celo.
“We foxes at MetaMask are excited to announce that our Buy Crypto feature now also resides in our Portfolio Dapp, providing a simple and smooth purchasing journey,” said a spokesperson for MetaMask.
To access the feature, MetaMask users can connect their wallets to the Portfolio Dapp or click on the “Buy” button in the MetaMask extension wallet. From there, users can select their region, payment method, and the token and network they want to purchase on.
The feature takes into account various factors, such as the user’s location and local regulations, to provide a customized quote for each purchase. Once the user has selected a quote, they will be redirected to a third-party provider’s website to complete the transaction. The funds will then be deposited directly into the user’s MetaMask wallet.
The launch of this new feature is timely, given the increasing interest in cryptocurrencies and the growing acceptance of them as a legitimate asset class. It offers a streamlined way for users to purchase crypto with fiat currency, which can be a barrier for many individuals looking to enter the market.
Over the years, MetaMask has partnered with several organizations to help onboard new users to its platform. In 2022, MetaMask partnered with PayPal to allow its users to purchase and transfer Ether (ETH) via PayPal’s platform. The service enabled users to purchase and transfer ETH from PayPal to MetaMask by logging onto their Mobile MetaMask app, which would then redirect them to their PayPal account to complete transactions.
Additionally, in March 2023, MetaMask announced a new integration with crypto fintech provider MoonPay that allows Nigerian users to purchase crypto through instant bank transfers. The new feature offers a simpler and cheaper way for people to buy crypto without using credit or debit cards.
The launch of the “Buy Crypto” feature is exciting news for traders and investors looking to purchase cryptocurrencies with fiat currency. MetaMask’s new offering will undoubtedly attract more users to its platform as it provides a convenient and user-friendly experience for buying crypto. As with any investment, traders should do their due diligence, research the assets available through MetaMask’s new feature, and seek advice from a financial advisor.
