MetaMask launches new fiat purchase function for cryptocurrency
The new feature will allow users to purchase cryptocurrencies using various payment methods, such as debit or credit cards, PayPal, bank transfers, and instant ACH.
Cryptocurrency wallet and decentralized application (Dapp) provider MetaMask has announced the launch of a new feature that will allow users to purchase crypto with fiat currency directly from its Portfolio Dapp. The move is intended to provide users with an easier way to purchase crypto with fiat currency.
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
— MetaMask (@MetaMask) April 10, 2023
The new “Buy Crypto” feature enables MetaMask 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). 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.
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 also takes into account a variety of 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.
Related: Scam alert: MetaMask warns users of deceptive March 31 airdrop rumors
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 MetaMask users to purchase and transfer Ether (ETH) via PayPal’s platform. The service, announced on Dec 14, enables 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, on March 21 MetaMask announced a new integration with crypto fintech provider MoonPay that allows Nigerian users to purchase crypto through instant bank transfers. The new feature, available in the MetaMask mobile and Portfolio DApp, offers a simpler and cheaper way to buy crypto without using credit or debit cards.