Customers can buy bitcoins with debit or credit cards, PayPal, bank transfers, and quick ACH payments (Automated Clearing House). The company expects that the move would make it easier for people to buy cryptocurrency with fiat currency, hence attracting more users to the industry.
To access the feature, MetaMask users can connect their wallets to the Portfolio Dapp or click the “Purchase” button in the MetaMask extension wallet. To generate a tailored quote for each transaction, the feature takes into account a number of criteria, including the user’s location and local legislation.
After selecting a quote, the user will be taken to the website of a third-party supplier to complete the transaction. The funds will subsequently be transferred to the user’s MetaMask wallet.
This feature is also likely to aid with the onboarding of new users to the MetaMask platform, particularly in nations where crypto use is increasing yet purchasing crypto is time-consuming.
MetaMask is a popular non-custodial wallet that allows users to connect to decentralised finance (DeFi) and non-fungible token (NFT) protocols.
The new feature is particularly good news for Nigeria, where MetaMask is widely used. The country ranked third in mobile monthly active users.
ConsenSys, MetaMask’s parent company, recently teamed with crypto fintech MoonPay to allow Nigerian users to acquire cryptocurrency via rapid bank transfers. The connection makes it much easier to acquire cryptocurrency without using credit or debit cards.
