- Nigerians can now buy crypto using MetaMask instead of centralized exchanges
- Crypto fintech MoonPay merged with ConsenSys to allow users to buy cryptocurrencies through direct bank transfers
- Nigeria ranks third in the world in monthly active users on MetaMask mobile
As the cryptocurrency industry escalates, Nigeria is quickly emerging as an attractive market for Bitcoin and other virtual currencies. To stay competitive in the global landscape, the West African nation is reportedly prepping to pass a law recognizing the use of digital assets. The country’s population aged 18 to 60 already own or trade cryptocurrencies, according to reports.
The integration of these two powerhouses promises to reduce the decline rate of payments from 90% to 30%, making it faster and easier for users in Nigeria to purchase cryptocurrency through self-custody accounts. Mobile monthly active user data shows Nigeria fully exploiting MetaMask’s secure platform.
Lorenzo Santos, product manager at MetaMask, stated that buying crypto in Nigeria was previously expensive and time-consuming. However, the new integration with MoonPay has simplified the process making it faster and cheaper. Zeeshan Feroz, Chief Product and Strategy Officer for MoonPay, added that this collaboration should “benefit Nigerians broadly by enabling them to access cryptocurrency investments with their local currency securely.”
Nigeria’s upcoming legal framework could bring great opportunities for further investment inflows into the country’s expanding cryptocurrency sector. With this newly enabled feature from MetaMask and MoonPay, Nigerian investors can purchase crypto more efficiently than ever.
MetaMask’s Mission on Self-Custodial Crypto
Regarding crypto wallets, there’s no doubt that decentralization is essential. MetaMask is a popular cryptocurrency wallet that allows users to store, manage, and exchange cryptocurrencies in a secure, self-custody environment. Users can bypass third parties – such as centralized exchanges – and interact with decentralized applications (dApps) directly from their web browsers by utilizing the browser extension.
With MetaMask, users gain greater control and security over their digital assets by managing their private keys. This prevents the risk of user funds being stolen or hacked through malicious attacks or centralized exchanges. On top of that, MetaMask offers a high level of encryption for enhanced data privacy and open-source software for greater transparency.
MetaMask is the people’s choice for managing cryptocurrencies because it gives users more control and security over their digital assets while reducing the risks associated with centralized exchanges.
It became more prevalent after the fall of FTX – a centralized crypto exchange that lost billions of dollars in only a few weeks and declared bankruptcy in November 2022. Since then, the argument of crypto self-custody began emerging online, with some debating that MetaMask is enough to let people keep their crypto while others prefer decentralized exchanges.
While online platforms exist, some prefer safer methods, including cold wallets and Bitcoin ATMs. Even if the companies manufactured those machines, people who got their crypto from them would never lose their invest