Metamask Introduces Fiat-to-crypto Purchase feature for Simplified Cryptocurrency Transactions

2023-04-27, 08:57

[TL; DR]

MetaMask has launched a feature that enables users to purchase cryptocurrencies using fiat money.

The MetaMask users can use the fiat-to-crypto feature to purchase cryptocurrencies from eight networks.

The users can use PayPal, Automated Clearing House (ACH), bank transfers, credit cards and debits cards to purchase the cryptocurrencies.

Introduction

There is no doubt that MetaMask is one of the leading hot crypto wallets you can think of. From time to time, like many other crypto platforms and structures, MetaMask has been improving on its service delivery as well as its security .

Recently, it introduced the long awaited feature that enables people to purchase cryptocurrencies using fiat currencies. This article covers how the fiat-to-crypto feature works and how to buy crypto easily.

MetaMask launches a Fiat-to-crypto Feature

MetaMask, a popular crypto wallet, has introduced a fiat-to-crypto feature which enables its users to purchase cryptocurrencies using fiat money directly from its portfolio dApp. It has done this to increase user-convenience as well as offer the relevant services to people in over 189 countries.

The users can purchase more than 90 cryptocurrencies from eight networks including Ethereum, Polygon, Optimism, Arbitrum, Avalanche Contract Chain, Fantom, Celo and BNB Smart Chain.

Also, this facility enables the users to buy the cryptocurrencies using several payment s such as PayPal, Automated Clearing House (ACH), bank transfers, credit cards and debits cards, among others. The means of payment an individual can use depends on his/her location and regulation in his/her country of residence. However, Metamask has promised to add other payment s in the future.

On 10 April 2023, MetaMask posted the update on its buy crypto feature on twitter as denoted below.

An individual can use this facility on MetaMask mobile app and on the web browser extension. On its blog, MetaMask said, “In our ongoing quest to make MetaMask users’ lives easier, we are launching the Buy Crypto feature in Portfolio Dapp for an easy purchasing experience.”

MetaMask’ Partnerships

MetaMask’s plan to introduce the fiat-to-crypto feature has been on the cards for a long time. To achieve this feat it forged various partnerships over the past few years. For example, it partnered with PayPal to enable its users to buy and transfer ETH using the PayPal platform.

Recently, MetaMask partnered with MoonPay, a crypto FinTech provider, to integrate a feature that allows crypto users in Nigeria to purchase crypto using instant bank transfers. Its other payment partners include Onramp.money, Mercuryo Sardine, Banxa, and Transak.

How to purchase cryptocurrencies using fiat at MetaMask?

Anyone who wants to buy crypto using fiat at MetaMask will see quotes from the service providers which are applicable to his/her country. Once you select the best quote you will be directed to a third party website to purchase the cryptocurrency. After purchasing a cryptocurrency it will reflect in your MetaMask account.

Notably, a user is able to see all his/her accounts in the MetaMask wallet. The process of purchasing cryptocurrencies is very simple. The first step is to connect your MetaMask wallet to portfolio.metamask.io.

From there , “Click “Buy” to get started, Select your region, Select payment method, Select the token and network you want to purchase on (example: ETH on Ethereum), Enter the amount desired in fiat Click “Get Quotes.”

Apart from using Metamask, you can also buy crypto on Gate.io. To be more specific, there are over 1400 pairs to choose from, and you can even buy crypto with your credit or debit card.
Read also: The Biggest Airdrop in History May Come: Metamask Launches A Token

What is MetaMask?

MetaMask is a self-custodial digital wallet used to manage cryptocurrencies and non-fungible tokens. It interacts with various blockchains such as Binance Smart Chain, Solana and Ethereum. Notably, it is one of the leading gateways to decentralized finance and other web3 protocols.

With the MetaMask wallet, you can buy and swap cryptocurrencies. You can also buy, receive and send non-fungible tokens (NFTs). You can as well connect various dApps, other crypto wallets and blockchain based games.

It is very simple to install and use the MetaMask wallet. The starting point is to download the web browser extension and install it. Your next step is to configure the wallet which includes inputting the seed phrase. You can also import another wallet address from any other suitable digital wallet such as Atomic.

It is also possible for anyone to send crypto to MetaMask from other digital wallets like Trust Wallet. This increases convenience for the users.

Conclusion

MetaMask has launched a fiat-to-crypto feature that allows its users to purchase cryptocurrencies using fiat money. This feature enables people to purchase cryptocurrencies from eight blockchains which include Ethereum, Polygon, Optimism, Arbitrum, Avalanche Contract Chain, Fantom, Celo and BNB Smart Chain.

Author: Mashell C., Gate.io Researcher

*This article represents only the views of the researcher and does not constitute any investment suggestions.

*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.