MetaMask now allows users to buy crypto with fiat from their wallets
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
After recent events such as the US SEC’s crackdown on various aspects of the crypto industry, the digital assets sector finally received some good news this Friday. A recent move by the leading crypto wallet provider, MetaMask, will allow all those interested in buying digital assets to do it in a much easier way now.
Crypto users can bypass centralized platforms
This was possible thanks to a new partnership between Ethereum’s leading decentrlaized protocols software company, ConsenSys, and a major crypto payments firm, Mercuryo. Thanks to this partnership, MetaMask will be able to integrate Mercuryo’s payment technology into its own wallet.
We're happy to announce that MetaMask now supports seamless crypto purchases through @Mercuryo_io 🎉
Designed with the needs of new crypto users in mind, this partnership simplifies the crypto checkout experience and makes onboarding so much easier. pic.twitter.com/8jMhIGuarz
— MetaMask 🦊💙 (@MetaMask) February 16, 2023
As a result, anyone interested in buying cryptocurrency can now do so from the wallet directly. They will also be able to do it using a variety of ways, such as Apple Pay, bank cards, and other bank transfer methods. MetaMask also published a short guide on how to use the new way of making payments:
To get started:
🟠Log in to the MetaMask Mobile app
🟠Tap the Buy button, then select a payment method
🟠Enter the amount & token you wish to purchase
🟠Get quotes
🟠Follow the link to Mercuryo’s website to complete the transactionEasy💪
— MetaMask 🦊💙 (@MetaMask) February 16, 2023
The new integration is important, as it allows users to bypass the need to go to centralized crypto exchanges in order to buy cryptocurrencies with fiat directly. MetaMask’s solution operates entirely in the realm of decentralized finance. As such, it both simplifies crypto purchases, and it keeps it outside of centralized platforms.
MetaMask’s Product Manager, Lorenzo Santos, commented on the move, stating, “Our integration with Mercuryo helps streamline onboarding and the process of acquiring digital assets without complex identity verification. This enables our users to seamlessly explore the Web3 ecosystem, including NFT marketplaces, play-and-earn games, decentralized autonomous organizations (DAOs), decentralized finance (DeFi) applications, and metaverse worlds.”
Advantages of the partnership
The partnership is specifically targeting users with little experience in crypto, or with no experience with how the industry works. Those who have been in the industry for a while are deeply familiar with how it all works and how to navigate between DeFi and CeFi, but for newcomers, this is still complex and difficult to grasp.
To help achieve this goal, MetaMask added support for some of the largest fiat currencies in the wold, including the US dollar, euro, British pound, Japanese yen, Turkish lira, South Korean won, Mexican peso, Swiss franc, Canadian dollar, Swedish krona, Australian dollar, and Hong Kong dollar.
At the same time, Mercuryo supports 18 major cryptos, including Ethereum (ETH), Avalanche (AVAX), Basic Attention Token (BAT), Fantom (FTM), Polygon (MATIC), Dai (DAI), USD Coin (USDC), Tether (USDT), and Dogecoin (DOGE), among others.
The biggest advantage of this new method of buying crypto is that users will now be able to buy up to $762 (699 EUR) worth of crypto without having to go through the full identity verification procedure.
