With a recent partnership with MoonPay payment service provider, users of Metamask can now buy digital currencies using their credit cards.
Moonpay’s Web3 Goal
Moonpay, a prominent payments service, has partnered with MetaMask, one of the leading cryptocurrency wallet providers, to make it easier for customers to buy Ethereum (ETH) using conventional payment systems. MoonPay is working in line with its goal to get more users on board the Web3 platform. Because of this agreement, MoonPay will have access to more than 30 million users using the Metamask platform across the globe, increasing its reach.
Recently, the payment giant partnered with Selfridges and OpenSea and also received $87 million in funding from a number of celebrities. It appears that the platform is fully funded to make cryptocurrency transactions more convenient.
According to a recent post on its website, Moonpay highlights the advantages of using MetaMask, including its simple and easy-to-use network. Also, Metamask’s connection mechanism to several popular marketplaces for NFTs and its clarity in the area of gas fees tied to transactions on its platform are part of the reasons Moonpay agreed to the collaboration.
Using MoonPay’s Platform To Purchase Cryptocurrency With Metamask
New and existing Metamask users have to upgrade to the most recent versions of the software, Mobile v4.4 and, eventually, Extension v10.13, in order to accept payments through MoonPay. In the past, it was necessary to purchase Ethereum via an external platform and then send it to MetaMask.
Fortunately, MoonPay has streamlined the procedure and has now integrated its application within the Metamask user interface, making it even more accessible. Old MetaMask users must first update their accounts, after which they must tap the buy icon to acquire Ethereum via the MoonPay cryptocurrency.
Through the usage of MoonPay, users may directly deposit monies into their MetaMask profile accounts, eliminating the need for a third-party centralized exchange to act as a go-between. Increasing the accessibility and user-friendliness of blockchain wallets such as Metamask is expected to aid in the onboarding of newcomers into the blockchain industry.
As part of the announcement of the cooperation, Moonpay also released a tweet that included basic slides that demonstrated how mobile versions of both companies’ software might function together.
However, adoption is subject to several regulatory restrictions. Even if the service is accessible around the globe, there are several states in the U.S. that do not allow for the purchase of ETH using MoonPay. Examples of these states include Texas, Hawaii, New York, Rhode Island, the U.S. Virgin Islands, and Louisiana.
