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MetaMask Introduces Fiat Currency Buying Option

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The popular Web3 and crypto wallet, MetaMask, has proven its stance as one of the leading self-custodial wallets for crypto users. It offers a simple and secure means of accessing blockchain applications and Web3 while maintaining the safety of users’ crypto assets.

In a new development, MetaMask has beefed up its services to customers with the launch of a new feature. The) provider announced that the new addition, tagged ‘Buy Crypto’ function, is to enhance the users’ fiat-to-crypto purchasing experience.

MetaMask New ‘Buy Crypto’ Function

MetaMask has introduced a new feature, ‘Buy Crypto, ‘ enabling users to purchase cryptocurrencies using the Portfolio DApp directly. The feature will simplify the crypto purchasing process and enhance users’ experience while using the wallet.

According to MetaMask’s official blog site statement, the new feature will support several payment methods. These include debit/credit cards, direct bank transfers, PayPal, and instant ACH (Automated Clearing House). 

With the ‘Buy Crypto’ feature, users can purchase over 90 crypto assets across eight different networks. These include BNB Smart Chain, Ethereum, Arbitrum, Polygon, Fantom, Celo, Optimism, and Avalanche Contract Chain. Also, users can access the feature from more than 189 countries across the globe. 

However, MetaMask mentioned that while using the new feature, users have a limit on the number of their purchases. This limitation is based on the crypto regulatory rules applicable in different regions or locations. 

 How The ‘Buy Crypto’ Function Works

MetaMask designed the ‘Buy Crypto’ feature to simplify the fiat-to-crypto om-ramp services on its Portfolio Dapp. The function eliminates the previous lengthy processes and high fees of converting your fiat currency into a crypto token. 

Users could buy crypto tokens with only a few clicks through the simplified new feature. Also, there’s no use of additional software to complete the process.

First, log into your MetaMask account and connect to the Portfolio Dapp. Alternatively, you can access and click on the ‘Buy’ function from the MetaMask extension of your wallet.

Then, select the crypto token you want to buy and the network to purchase from. Also, select your fiat payment option and your region or location. Input the amount of fiat currency you want to use for the purchase.

You will have to click on ‘Get Quotes.’ Usually, the quotes come from available providers, and you will pick one. According to your selection, you will be redirected to the provider’s website to complete your purchase. Then, you will see the purchased tokens deposited in your wallet. 

Benefits Of The ‘Buy Crypto’ Function

The new MetaMask’s ‘Buy Crypto’ function has many benefits for users.

  • Easy Fiat-to-Crypto on Ramp Services: The new ‘Buy crypto’ feature aim to create an easy process for users to enjoy fiat-to-crypto ramp transactions. It eliminates all the rigorous and multiple steps of buying crypto with fiat. With the function, they can now directly purchase digital tokens with fiat from their MetaMask wallet.
  • A Wide Range of Playing Grounds: MetaMask users have a wide range of networks where they can access and purchase crypto assets using the new function. These include Ethereum, Celo, Polygon, BNB Smart Chain, Arbitrum, and others.
  • Secure and Safe: The safety of a crypto storage option matters a lot for all crypto users. MetaMask provides you with the maximum security and safety of your funds even as your purchase more crypto tokens. Its security measures are robust and ensure adequate protection for your funds and your data.
  • Convenient Payment Methods: The feature allows users to choose any suitable payment method with fiat currency. It cuts off the previous rigorous steps of buying crypto tokens that take lots of time to complete. Users can conveniently use debit or credit cards, bank transfers, PayPal, and instant ACH to make speedy purchases with a few clicks.
  • Diversified Crypto Portfolio: By simplifying the process of buying crypto tokens with fiat, users can explore and diversify their crypto portfolio. Also, users have over 90 different crypto tokens available to buy using the new function on MetaMask. There’s no better chance for investors to increase their investment return from diverse assets.

MetaMask is committed to providing users with the right crypto wallet to secure their crypto tokens and interact with DApps. In its quest, the wallet has created collaborations to support the platform’s growth with new users.

With its partnership with PayPal in 2022, MetaMask users could purchase ETH from the app while using PayPal. Also, in March this year, Metamask partnered with MoonPay, a crypto fintech, for a new integration. This move enables MetaMask users in Nigeria to buy crypto tokens through instant bank transfers.

Generally, the new ‘Buy Crypto’ function has the potential to drive the growth of cryptocurrency investment. It could boost the adoption of crypto tokens through simplified fiat-to-crypto on-ramp transactions.

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