MetaMask, a company that offers decentralized applications (DApps) and wallets for cryptocurrencies, has unveiled a new feature that allows users of its Portfolio Dapp to buy digital currencies using fiat money. The move is intended to make purchasing cryptocurrencies with fiat currency simple for users.
The new “Buy Crypto” feature enables MetaMask users to buy various cryptocurrencies using various payment methods, such as debit or credit cards, PayPal, bank transfers, and immediate ACH (Automated Clearing House). Users in over 189 countries will have access to the service, which will provide more than 90 tokens on eight different networks, such as Ethereum, Polygon, Arbitrum, BNB Smart Chain, Celo, Fantom, Optimis, and Avalanche Contract Chain.
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 the 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 various organizations to introduce new users to its platform over the years.
In 2022, Metamask collaborated with PayPal to enable Ether purchases and transfers via the PayPal platform. The service, which was announced in 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.
Furthermore, MetaMask recently revealed a collaboration with crypto fintech firm MoonPay, which will allow individuals in Nigeria to purchase digital currencies using instant bank transfers.
The new feature, available on the MetaMask mobile and Portfolio DApp, makes purchasing cryptocurrencies easier and less expensive without a credit or debit card.