MetaMask, a company that provides crypto wallets and decentralised applications, has introduced a new feature in its Portfolio Dapp that enables users to buy crypto with fiat directly. The goal of this new feature is to make it simpler for users to purchase crypto using traditional currency.
The new Buy Crypto feature allows its users to buy different cryptos using different payment methods such as debit/credit cards, PayPal, bank transfers, and instant ACH. This new service will be available to users in over 189 countries, and it offers more than 90 tokens across 8 different networks, including Ethereum, Avalanche Contract Chain, Polygon, Arbitrum, BNB Smart Chain, Fantom, Optimis, and Celo.
To use the Buy Crypto feature in MetaMask, users need to click on the Buy button in the MetaMask extension wallet or connect their wallets to the Portfolio Dapp. They can then choose their payment method, token, and network, as well as their location, which affects the price quote provided.
After selecting a quote, users will be directed to a third-party website to complete the transaction. Once the purchase is complete, the crypto will be deposited directly into the user's wallet.
MetaMask has collaborated with various organisations over the years to facilitate the onboarding of new users to its platform.
One of these partnerships was with PayPal in 2022, which allowed MetaMask users to buy and transfer Ether through the PayPal platform. This service was announced on December 14 and allowed users to purchase and transfer ETH from PayPal to MetaMask by accessing their Mobile MetaMask app, which would redirect them to their PayPal account to complete the transaction.
Additionally, MetaMask has recently partnered with crypto fintech provider MoonPay to integrate a new feature for Nigerian users that allows them to buy crypto using instant bank transfers.
The new feature, available on both the MetaMask mobile app and the Portfolio DApp, provides a more straightforward and cost-effective alternative to purchasing crypto without needing to use credit or debit cards. The announcement was made on March 21.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash