MetaMask introduces a new fiat cryptocurrency purchase feature
'Buy Crypto' feature will allow users to buy cryptocurrency using multiple payment methods.
Highlights
- MetaMask has introduced a new fiat purchasing feature to buy cryptocurrency
- It is available in the MetaMask mobile app and the Portfolio dApp
- The payment methods include debit or credit cards, PayPal and quick ACH
The decentralised application (dApp) and cryptocurrency wallet provider, MetaMask has announced the release of a new feature that will enable users to buy cryptocurrency with fiat money straight from its Portfolio Dapp. The purpose of the transition is to make it simpler for users to buy cryptocurrency using fiat money.
Users of MetaMask can now buy a variety of cryptocurrencies with the help of the ‘Buy Crypto’ feature, using a wide range of payment options, such as debit or credit cards, PayPal, bank transfers, and fast ACH (Automated Clearing House).
The service will be made available to customers in more than 189 countries. More than 90 tokens will be available on eight distinct networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.
Quick glance on the purchase of cryptocurrency
In order to access the feature, users of MetaMask can either click the ‘Purchase’ button in the MetaMask extension wallet or connect their wallets to the Portfolio Dapp. From there, consumers can choose their region, a mode of payment, a token, and the network they want to buy on.
To give a customised quote for each purchase, the function additionally considers a number of variables, including the user's location and regional laws. The user will be taken to the third-party’s website to complete the transaction after choosing a quote. The user's MetaMask wallet will then receive the money.
MetaMask has collaborated with a number of organisations over the years to help onboard new users to its platform. It partnered with PayPal in 2022 to allow MetaMask users to buy and transfer Ether using PayPal's platform. Users can purchase and transfer Ethereum (ETH) from PayPal to MetaMask by logging into their mobile MetaMask app, which will then redirect them to their PayPal account to complete transactions.
Meanwhile on 21 March 2022 , MetaMask revealed an updated interface with cryptocurrency finance service, MoonPay that enables Nigerian customers to buy cryptocurrency through immediate bank transfers.
