ConsenSys Software, the creator of Metamask, recently announced their latest feature added to the crypto trading application for a quick and seamless transaction, further sealing their position as the best crypto wallet-browser app.
In making user interactions and payment transactions convenient and without delay, Metamask announced its partnership with Sardine, an instant ACH crypto settlement platform.
This partnership’s benefit is allowing users to conduct easy and quick bank transactions in Metamask within minutes rather than days, which a standard ACH bank transfer would require for similar transactions.
Although this update is available to those living in the United States of America (Hawaii and New York excluded for now), it is a feature that will encourage users to conduct more crypto transfers.
This latest feature comes with exciting benefits such as increased purchases made within the app; users can now buy up to $3,000/day, $5,000/week, and $25,000/month.
Developed in 2016 to host multiple transactions of decentralized applications (DApps) within its domain, Metamask has only searched for ways to make crypto trading easier and simpler for its users; this recent partnership with Sardine is one way to achieve such a goal.
What Is Sardine?
Sardine is a fast crypto and fiat settlement platform with compliance and fraud preventive measures set in its infrastructure. Sardine boasts wide usage by crypto suppliers like Moonpay, Autograph, and FTX.
Sardine enables its users to make faster crypto purchases within minutes via its ACH-to-crypto approach, which performs transactions that would regularly take days to complete in minutes.
A leading application in fraud examination and detection, Sardine employs the usage of KYC (Know Your Customer) for its customers, making it mandatory for any user to fill in the requirements before performing any transaction on the platform.
There have been complaints from users; about their cards getting rejected when trying to buy crypto on Metamask. With this new update, Metamask will allow its U.S customers to purchase cryptocurrency directly from their bank account rather than using the cards option, as this has a 50% card rejection rate. However, with Sardine on board, all the users need to do is select the “Bank transfer” method, which will be on the interface, and follow prompt directions.
What Is ACH?
ACH transfer is an electronic and bank-to-bank transaction processed via the Automated Clearing House network. It involves a quick and direct payment between an organization and a client. ACH is widely used in business corporations because it is cost-efficient; when compared to wire transfers with high charge fees for payment transactions.
It is often free to operate; however, it has a limited amount of purchases that can be made daily, weekly, and monthly. ACH transfer is best used domestically, as it may take longer before approval, while wire transfers are faster for international payments.
How To Use Bank Transfer
To use the new option in purchasing cryptocurrencies, here is how to buy cryptocurrency through Metamask’s bank transfer in six easy steps:
- Open the Metamask app and select “Buy” on the wallet’s interface.
- Click “Bank Transfer” as the mode of purchase.
- Select from the list of cryptocurrencies to buy, and add the amount to purchase.
- Click “Buy With Sardine” as the choice of integration.
- Fill in the required information details.
- Lastly, Review the purchase and approve the transactions.
Metamask’s Recent Expansion
It is safe to say that ConsenSys Inc. has been busy in 2022, expanding the brand and signing new partnerships with brands; to further secure its position as the leading crypto wallet company in the world.
Recently, Metamask revealed the activation of Portfolio DApp, which enables users to monitor and aggregate their properties across several accounts and blockchains like Ethereum, BNB Smart Chain, Avalanche, and Polygon.
In late September, Metamask also launched a tool called Metamask Institutional (MMI), a DeFi wallet and Web3 access for crypto funds, DAOs (Decentralised Autonomous Organisations), and market makers.
In a press release, ConsenSys stated that the Sardine integration is the remedy to such errors compared to the traditional payment method, which declines user cards. With its instantaneous transactions, users can conveniently purchase any cryptocurrency of choice within minutes and without leaving the Metamask interface.
Metamask has recently announced the partnership with Sardine, an ACH settlement platform, enabling users to buy cryptocurrencies within the wallet through the newly added bank transfer method in minutes.