Metamask users in Nigeria can now buy crypto assets directly and instantly within the mobile app, Consensys and its Web3 infrastructure partner Moonpay said. According to a Consensys executive, implementing this feature helps reduce friction and breaks down the barriers that block or prevent Nigerians from adopting Web3.
Purchase of cryptocurrencies through instant bank transfers
Consensys, one of the leading Web3 firms, has said that Metamask wallet users in Nigeria can now directly purchase crypto assets within the mobile app. To help make this possible, Consensys has partnered with infrastructure company Web3 Moonpay. The addition of this feature allows in-country users to purchase crypto assets without having to set up accounts with centralized crypto exchanges.
In a joint March 21 statement, Consensys said the decision to enable direct purchases was due to the large number of transactions being declined or blocked when the payment method is a credit or debit card. However, using this recently added feature, Metamask users can now use instant bank transfers to purchase crypto within the mobile app and wallet dapp (decentralized application).
Simplifying the user experience
Commenting on the addition of the new feature to the wallet, Lorenzo Santos, Senior Product Manager at Metamask, noted:
This is an essential next step in a critical market that has embraced cryptocurrencies and Web3, but faces serious challenges using (the) fiat-to-crypto onramp. We are reducing friction and breaking down barriers to continue to support Nigerians as they move onto Web3.
Zeeshan Feroz, Moonpay’s director of product and strategy, said the integration makes it possible for Nigerians to fund their self-custody wallet through what he described as “a simplified user experience.”
Meanwhile, the statement also revealed that Consensys and its partner plan to roll out this feature in Kenya, Botswana, and South Africa next month.
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