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MetaMask Wallet

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

Dalmas Ngetich
by Dalmas Ngetich
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

MetaMask, a leading non-custodial wallet provider for Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains, has announced a new feature enabling users to buy crypto with fiat currency directly from its Portfolio Dapp. 

MetaMask Introduces The “Buy Crypto” Feature

The new “Buy Crypto” feature, available in over 189 countries, offers over 90 tokens across eight different networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimist, 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👌

🔗https://t.co/sEcCnQhbRB pic.twitter.com/UvaG2wMSpy

— MetaMask 🦊🫰 (@MetaMask) April 10, 2023

Users can purchase cryptocurrencies using payment methods such as debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). The company hopes the move will provide an easier way for users to buy crypto with fiat currency, helping onboard more users to the industry.

Ethereum Price On April 11| Source: ETHUSDT On Binance, TradingView
Ethereum Price On April 11| Source: ETHUSDT On Binance, TradingView

MetaMask users can connect their wallets to the Portfolio Dapp or click on the “Buy” button in the MetaMask extension wallet to access the feature. The feature considers 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.

Related Reading: Unity Taps Altura, Solana, Metamask, As It Makes Its Way Into Web3

Over the years, MetaMask has partnered with several organizations to onboard new users to its platform. In 2022, ConsenSys, the parent company of MetaMask, partnered with PayPal to enable users to purchase and transfer ETH. The service was rolled out initially to select PayPal users within the United States as one of MetaMask’s largest markets in terms of users. 

This feature is also likely to help onboard new users to the MetaMask platform, especially in countries where crypto adoption is growing but buying crypto can be time-consuming.

MetaMask is one of the most widely used non-custodial wallets through which users can connect to decentralized finance (DeFi) and non-fungible token (NFT) protocols.

MetaMask Brings Crypto Accessibility to Nigerian Users

The new feature is particularly good news for Nigeria, where MetaMask is widely used. The country ranked third in mobile monthly active users. 

MetaMask’s parent firm ConsenSys recently partnered with crypto fintech MoonPay to enable Nigerian users to purchase crypto via instant bank transfers. The integration significantly simplifies buying crypto without needing credit or debit cards. 

Related Reading: MetaMask Warns Users To Steer Clear Of Airdrop Rumors

According to MetaMask product manager Lorenzo Santos, the new integration supporting local bank transfers is estimated to reduce friction and onboard more people. 

Despite the Central Bank of Nigeria banning banks from servicing crypto exchanges, the country has emerged as a major market for MetaMask. In 2022, reports suggested that 32% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies.

Feature Image From ConsenSys, Chart From TradingView
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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