MetaMask, a provider of cryptocurrency wallets and decentralized applications (Dapps), has announced the introduction of a new feature that will enable Portfolio Dapp users to purchase cryptocurrencies with fiat currency. The move is intended to make purchasing cryptocurrencies with fiat currency easier for users.
The new “Buy Crypto” feature enables MetaMask users to buy a variety of cryptocurrencies using a variety of payment methods, such as debit or credit cards, PayPal, bank transfers, and immediate ACH (Automated Clearing House). The service will be made available to users in over 189 countries and will feature more than 90 tokens across eight distinct networks, including Ethereum, Polygon, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, Optimism, and Celo.
MetaMask users can access the feature by connecting their wallets to the Portfolio Dapp or by clicking the “Buy” icon in the extension wallet. Users can then select their region, payment method, token, and network on which they wish to purchase.
The feature also considers a number of variables, such as the user’s location and local regulations, in order to provide a customized quote for each purchase.
After selecting a quotation, the user will be redirected to the website of a third-party provider to complete the transaction. The funds are then promptly deposited into the user’s MetaMask wallet.
MetaMask has partnered with multiple organizations over the years to enroll new users to its platform.
In 2022, Metamask collaborated with PayPal to enable Ether purchases and transfers via the PayPal platform. The service, which was announced on 14 December, allows users to purchase and transfer ETH from PayPal to MetaMask by authenticating into their Mobile MetaMask app, which then redirects them to their PayPal account to complete transactions.
In addition, on March 21, MetaMask announced a new integration with crypto fintech provider MoonPay that enables Nigerian users to buy cryptocurrencies via immediate bank transfers.
The new feature, available on the MetaMask mobile and Portfolio DApp, makes it easier and less expensive to purchase cryptocurrencies without using a credit or debit card.