MetaMask adds a new feature that will let users buy crypto with fiat

On Apr 11, 2023

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MetaMask, a popular crypto wallet and decentralized application provider, just announced that it is launching a new feature that will allow its users to buy cryptocurrencies with fiat currency directly by using its Portfolio dApp. In doing so, the wallet will allow users to get into cryptocurrencies without going through centralized exchanges first.

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

MetaMask now allows users to buy crypto with fiat directly from the wallet

Despite the massive growth and development in the decentralized part of the crypto industry, fiat on- and off-ramps were still lacking. As a result, users had to go through centralized exchanges in order to get their first cryptocurrencies. With the ability to connect their payment methods to MetaMask and buy cryptocurrencies directly with fiat, users will now have the option to stay away from centralized exchanges entirely if they choose to take the fully decentralized route.

The new feature, Buy Crypto, will allow MetaMask users to buy a wide range of digital assets. More than that, it offers multiple payment methods, including bank transfers, debit and credit cards, PayPal, and even an instant Automated Clearing House (ACH).

The service will become available in more than 189 countries, with over 90 tokens available across eight blockchain networks. The supported networks include Ethereum, Arbitrum, Avalanche Contract Chain, Optimis, Polygon, BNB Smart Chain, Fantom, and Celo. The new feature will also make it easier for users to get into crypto, as many are located in countries that centralized platforms might not support.

All that is needed to access the feature is for MetaMask users to connect their wallets to the Portfolio Dapp, or click the Buy button in MetaMask’s own extension wallet. After that, they can select their region, a payment method, and the network and token they want. The wallet said: “MetaMask extension users will now be redirected to the Portfolio Dapp after clicking the BUY button on the wallet. Previously available on our mobile app, our Buy Crypto aggregator is now available on your browser.”

MetaMask extension users will now be redirected to the Portfolio Dapp after clicking the BUY button on the wallet. Previously available on our mobile app, our Buy Crypto aggregator is now available on your browser.
Read all about the update here👇https://t.co/wq6K1emJw0
— MetaMask 🦊💙 (@MetaMask) April 10, 2023

How does it work?

According to the service, the feature will consider several factors, including the location and local regulations of users. This information will be necessary to provide a customized quote for each individual purchase. After the user selects a quote, they will be redirected to a third-party provider’s website, where they can complete the transaction.

Once the transaction has been made, the funds will automatically find their way to the user’s MetaMask wallet.

MetaMask has spent years teaming up with various organizations, projects, and companies in order to help onboard new users, including its partnership with PayPal in 2022.

We’ve been busy onboarding new partners and local payment methods to make your fiat-to-crypto purchases with MetaMask much easier🤝
With 189 supported countries across 8 different networks including L2s, funding your self-custody wallet is a breeze.
— MetaMask 🦊💙 (@MetaMask) April 10, 2023

Thanks to this partnership allowed users to buy and transfer Ether using PayPal. The new service was originally announced on December 14th. Meanwhile, on March 21st, MetaMask announced integration with MoonPay, allowing Nigerian customers to buy cryptocurrencies using instant bank transfers.

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