MetaMask introduces a direct fiat-to-crypto buying feature, simplifying digital asset purchases across various networks and payment methods.
Leading cryptocurrency wallet and decentralized application (Dapp) provider, MetaMask, recently unveiled an innovative feature for its Portfolio Dapp: direct fiat-to-crypto purchasing. This ground-breaking addition aims to streamline the process of acquiring digital assets for users worldwide, using their local fiat currencies.
The newly introduced “Buy Crypto” functionality empowers MetaMask users to access an extensive selection of over 90 digital assets across eight prominent networks, such as Ethereum, Polygon, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, Optimism, and Celo. This service is available to users spanning more than 189 countries and supports a diverse range of payment methods, including credit or debit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House).
To utilize this feature, users must connect their MetaMask wallets to the Portfolio Dapp or opt for the “Buy” button located within the MetaMask extension wallet. They can then specify their region, payment method, and the desired token and network for purchase.
Designed with user convenience in mind, the “Buy Crypto” function takes into account multiple factors, such as the user’s location and applicable local regulations, delivering a tailored quote for each transaction. Once a quote is selected, users will be redirected to a secure third-party provider’s website to finalize the purchase. Funds will be directly deposited into the user’s MetaMask wallet upon completion.
MetaMask’s Strategic Alliances and Integrations
MetaMask has a strong history of forging valuable partnerships to facilitate new user onboarding and enhance its platform. In December 2022, MetaMask joined forces with PayPal, enabling users to acquire and transfer Ether via PayPal’s platform. This integration facilitated users to buy and transfer ETH from their PayPal accounts to their MetaMask wallets through the Mobile MetaMask app, which conveniently redirected them to complete transactions within their PayPal accounts.
Additionally, on March 21, MetaMask revealed a new collaboration with MoonPay, a crypto fintech provider. This alliance granted Nigerian users the ability to buy digital assets using instant bank transfers. Accessible through the MetaMask mobile app and Portfolio Dapp, this feature offers a more convenient and cost-effective method for purchasing cryptocurrencies without the need for credit or debit cards.
Comprehensive Guide to Purchasing Crypto with MetaMask
To acquire cryptocurrencies through MetaMask, follow this step-by-step guide:
- Link your MetaMask wallet to portfolio.metamask.io.
- Initiate the process by clicking the “Buy” button.
- Determine your region.
- Choose your preferred payment method.
- Select the token and network you wish to purchase (e.g., ETH on Ethereum).
- Input the desired amount in your local fiat currency (e.g., $100 of ETH).
- Proceed by clicking “Get Quotes.” You will then see a list of quotes from various available providers, allowing you to select one and continue.
- You will be securely redirected to the chosen provider’s website to complete your purchase, after which the funds will be deposited into your MetaMask wallet.
MetaMask’s new feature enables users to experience a seamless fiat-to-crypto purchasing process, presenting new opportunities for both experienced digital asset enthusiasts and novices alike. By accommodating a broad array of payment methods and networks, MetaMask further solidifies its position as a crucial player in the ever-expanding world of decentralized finance.