MetaMask launches new fiat purchase function for cryptocurrency

MetaMask, a provider of cryptocurrency wallets and decentralized applications (DApps), has introduced a new feature that will enable users to purchase digital currency directly from its Portfolio Dapp using fiat currency. The aim of this move is to provide users with an easier way to buy cryptocurrencies using fiat money.

The new “Buy Crypto” feature allows MetaMask users to purchase a variety of cryptocurrencies with various payment methods, including debit/credit cards, PayPal, bank transfers, and instant ACH. The service will be available in over 189 countries and offer more than 90 tokens on eight different networks such as Ethereum, Polygon, and Celo.

To use the feature, users can connect their wallets to the Portfolio Dapp or select the “Buy” button in the MetaMask extension wallet. Once there, users can choose their payment method, region, and token/network to buy.

The feature also provides a customized quote for each purchase, based on factors such as the user’s location and local regulations. After choosing a quote, the user will be redirected to a third-party provider’s website to complete the transaction. The funds will then be deposited directly into the user’s MetaMask wallet.

MetaMask has partnered with several organizations to facilitate user onboarding. In 2022, MetaMask partnered with PayPal to enable MetaMask users to buy and transfer Ether via PayPal’s platform.

Similarly, MetaMask announced a new integration with crypto fintech provider MoonPay that enables Nigerian users to purchase cryptocurrencies through instant bank transfers. This feature is available in the MetaMask mobile and Portfolio DApp, and it offers a simpler and more cost-effective alternative to buying crypto without using credit or debit cards.

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