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.
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.
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.
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.