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MetaMask launches new fiat purchase function for cryptocurrency

MetaMask launches new fiat purchase function for cryptocurrency

Cryptocurrency wallet and decentralized application (DApp) provider MetaMask has introduced a new feature that enables users to purchase crypto directly from its Portfolio DApp using fiat currency. This move aims to offer an easy and convenient way for users to purchase cryptocurrencies.

The new “Buy Crypto” feature of MetaMask allows users to purchase a wide range of cryptocurrencies using various payment methods like debit or credit cards, PayPal, bank transfers, and instant ACH (Automated Clearing House). This service is accessible to users from over 189 countries and offers more than 90 tokens across eight different networks including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.

To avail of this feature, MetaMask users can either connect their wallets to the Portfolio DApp or click on the “Buy” button in the MetaMask extension wallet. Here, users can choose their region, payment method, and the token or network they want to buy.

The feature takes multiple factors like the user’s location and local regulations into account to personalize the quote for each purchase. Once the user has chosen a quote, they will be directed to the website of a third-party provider to complete the transaction, after which the funds will be deposited directly into their MetaMask wallet.

Related: Scam alert: MetaMask warns users of deceptive March 31 airdrop rumors

Over the years, MetaMask has partnered with several organizations to onboard new users onto its platform.

In 2022, MetaMask partnered with PayPal to allow MetaMask users to purchase and transfer Ether (ETH) via PayPal’s platform. On March 21, MetaMask announced a new integration with crypto fintech provider MoonPay that allows Nigerian users to purchase crypto through instant bank transfers. This new feature, available on the MetaMask mobile and Portfolio DApp, offers a cheaper and easier way to purchase crypto without using credit or debit cards.