Metamask users in the US can now buy crypto directly from their bank accounts
Users in the United States who have a Metamask wallet can now buy cryptocurrency directly from their bank accounts. This will, to a significant degree, lower the amount of friction that is involved in purchasing cryptocurrency. However, if they make it easier for consumers to acquire and use cryptocurrency, they will be able to leapfrog the competition.
A collaboration between Sardine and CoinsenSYs has made the realization of this goal conceivable. While ConsenSys is a blockchain technology business, Sardine provides rapid ACH settlements for its customers. Because of their agreement, customers in the United States will be able to connect their bank accounts to Metamask and buy cryptocurrency immediately. This is a tremendous breakthrough not only for Metamask but also for Sardine, which just received a Series B fundraising round headed by large names like Visa, a16z, and Google Ventures. This is a major milestone for both companies.
In addition to this, instant ACH transfers are now a feature that may be utilized in Metamask. To begin with, the user is responsible for complying with the Know Your Customer (KYC) process of Sardine, which Metamask is also required to follow. After that, customers will be able to acquire cryptocurrency for a maximum of $3,000 per day, $5,000 per week, and $25,000 per month. These rules have been put in place to make it harder for people to lie and trick each other.
When compared to the use of cards for payment, it is anticipated that the success rate of this technique of purchasing cryptocurrency straight from a bank account would be significantly higher. This is due to the fact that the bank typically does not accept them. Unlike regular ACH transactions, instant ACH payments can be done in just a few minutes and are processed normally even on bank holidays.
Portfolio Dapp is a new application that has been released by Metamask. It is a piece of software that enables users to collect and monitor their assets that are spread across multiple accounts and networks. These networks and accounts include Ethereum, Optimism, BNB Smart Chain, Polygon, Fantom, Abritrum, and Avalanche. With the assistance of this functionality, Metamask was able to compete with other market leaders in the cryptocurrency sector. One such market leader is FTX, which offers comparable services through Blockcfolio, a wallet, and aggregator that FTX purchased in 2020. FTX was able to compete with Metamask.
Liz Mathew, global head of growth and partnerships for MetaMask Institutional, says that the addition of the new custodians brings the total to eleven and strengthens Metamask’s position as “the top institutional wallet for Web3.”