MetaMask, a decentralized wallet firm backed by ConsenSys, has announced the launch of a new fiat-to-crypto ramp for its Portfolio dApp.
The new function will enable users to acquire crypto straight from fiat currencies without leaving portfolio. As a direct solution, the new functionality aims to simplify the process of purchasing digital assets with traditional currencies, opening new interactions and broadening its markets.
MetaMask took to Twitter to announce the news, sharing their excitement about offering users what it describes as a "simple and smooth" purchasing process.
We foxes at MetaMask 🦊 are excited to announce that our Buy Crypto feature now also resides in our Portfolio Dapp, providing a simple and smooth purchasing journey👌🔗https://t.co/sEcCnQhbRB pic.twitter.com/UvaG2wMSpy— MetaMask 🦊💙 (@MetaMask) April 10, 2023
The "Buy Crypto" feature supports various payment methods, such as debit or credit cards, PayPal, bank transfers, as well as instant ACH transactions, granting access to more than 90 tokens across eight networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo. According to MetaMask, this latest feature on the Portfolio dApp from MetaMask was the result of over a year of collaboration with PayPal, MoonPay, Sardine, Banxa, Onramp.money, Mercuryo, and Transak.
MetaMask has a well-documented history of collaborating with various platforms and organizations to bring new users to its fold. In 2022, the company joined forces with PayPal, enabling MetaMask users to purchase and transfer Ether (ETH) via PayPal's platform. In the same year, MetaMask began exploring methods for on-ramp user functionalities via banks.
More recently, in March 2023, MetaMask announced an integration with crypto fintech provider MoonPay, allowing Nigerian users to buy crypto through instant bank transfers. It also has integrations with Unity for Web3, as well as an ongoing Web3 education initiative with its Learn program.
To take advantage of this feature, users need only connect their wallets to the Portfolio dApp or click the "Buy" button within the MetaMask extension wallet. After selecting their region, payment method, and desired token and network, users receive a customized quote based on their location and local regulations. To complete the transaction, they are redirected to a third-party provider's website, and the funds are subsequently deposited into their MetaMask wallet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.