MetaMask, a provider of cryptocurrency wallets and decentralized applications (DApps), has introduced a new feature that enables users to buy cryptocurrencies directly from its Portfolio Dapp using fiat currency. The “Buy Crypto” feature supports multiple payment methods, including debit or credit cards, PayPal, bank transfers, and Automated Clearing House (ACH), and will be available in over 189 countries. Users will have access to more than 90 tokens across eight different networks, including Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo.
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👌
— MetaMask 🦊💙 (@MetaMask) April 10, 2023
To use the feature, MetaMask users can either connect their wallets to the Portfolio Dapp or click on the “Buy” button in the MetaMask extension wallet. They can then select their payment method, region, and token and network they want to purchase. The feature provides a customized quote for each purchase based on factors such as the user’s location and local regulations. Once the user selects a quote, they will be redirected to a third-party provider’s website to complete the transaction, and the funds will be deposited directly into their MetaMask wallet.
MetaMask has partnered with several organizations in the past to onboard new users to its platform. In 2022, it collaborated with PayPal to allow MetaMask users to purchase and transfer Ether via PayPal’s platform. The company also announced a new integration with crypto fintech provider MoonPay in March 2023, enabling Nigerian users to purchase crypto through instant bank transfers.
The launch of this new feature by MetaMask aims to simplify the process of buying cryptocurrencies for users who prefer to use fiat currency. It also aligns with the company’s mission to enable decentralized finance (DeFi) and provide users with greater control over their financial assets.