- MetaMask has introduced a “Buy Crypto” feature in its Portfolio dApp.
- The feature is available in over 189 countries and offers over 90 tokens across eight different networks.
- Users can purchase cryptocurrencies using payment methods such as debit or credit cards, PayPal, bank transfers, and instant ACH, making it easier to buy crypto with fiat currency and onboard more users to the industry.
MetaMask, a leading non-custodial wallet provider for Ethereum and other Ethereum Virtual Machine (EVM) compatible blockchains, has announced a new feature that allows users to buy crypto directly from its Portfolio Dapp using fiat currency.
MetaMask Launches “Buy Crypto” Option
The new “Buy Crypto” feature, now available in over 189 countries, provides access to over 90 tokens from eight different networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimist, and Celo.
Users can buy cryptocurrencies with debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). The company hopes the move will make it easier for users to buy cryptocurrency with fiat currency, attracting more users to the industry.
MetaMask users can connect their wallets to the Portfolio Dapp or click the “Buy” button in the MetaMask extension wallet to access the feature.
The feature takes several factors into account, such as the user’s location and local regulations, to provide a customized quote for each purchase. After selecting a quote, the user will be directed to the website of a third-party provider to complete the transaction. The funds will then be directly deposited in the user’s MetaMask wallet.
MetaMask has collaborated with several organizations over the years to bring new users to its platform.
ConsenSys, metamask’s parent company, partnered with PayPal in 2022 to allow users to buy and transfer ETH. The service was initially limited to PayPal users in the United States, one of metamask’s largest user markets.
This feature is also likely to help in onboarding new users to the MetaMask platform, particularly in countries where crypto adoption is increasing but purchasing crypto is time-consuming.
MetaMask is a popular non-custodial wallet that allows users to connect to decentralized finance (DeFi) and non-fungible token (NFT) protocols.
MetaMask Makes Crypto Available to Nigerians
The new feature is especially welcome in Nigeria, where MetaMask is widely used. The country ranked third in terms of mobile monthly active users.
ConsenSys, metamask’s parent company, recently partnered with crypto fintech MoonPay to enable Nigerian users to buy cryptocurrency instantly via bank transfers.
The integration makes it much easier to buy cryptocurrency without using credit or debit cards.
According to Lorenzo Santos, MetaMask product manager, the new integration supporting local bank transfers is expected to reduce friction and onboard more people.
Despite the Central Bank of Nigeria’s prohibition on banks servicing crypto exchanges, Nigeria has emerged as a significant market for MetaMask. According to reports, 32% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.
