Metamask to allow US users to buy cryptocurrency directly from their bank accounts

Metamask continues to push for leadership in the crypto wallet industry, introducing new tools that make it easier for its users to purchase cryptocurrencies.

On October 13, Sardine, a financial platform that offers instant ACH settlements, confirmed a partnership with ConsenSys to allow US-based Metamask users to purchase cryptocurrency with their bank accounts from a wallet user interface.

This will be the latest partnership announced by Metamask. Prior to this, the web wallet revealed an association with Asset Reality to help users retrieve their stolen cryptocurrency for free.

For Sardine, this partnership will be another achievement in its roadmap. Recently, the team raised $51.5 million in Series B funding led by crypto-friendly venture capital firm a16z and backed by other big names in the industry such as Visa and Google Ventures.

ConsenSys, the blockchain technology company behind Metamask, has also participated in the Sardine funding round.

Metamask enables instant ACH transfers in the US

To use the new “Instant ACH” payment option, Metamask users must comply with the mandatory KYC process in Sardines, which is available in 48 US states. Hawaii and New York will be released soon.

To combat fraud and electronic fraud, Sardine has set purchase limits of up to $3,000 per day, $5,000 per week, and $25,000 per month for more than 30 tokens — which was not disclosed in the release.

In an official press release, ConsenSys said Sardine’s instant payment method is more likely to work compared to a traditional payment system, where card purchases are often denied.

“Instant ACH allows orders to be completed in minutes instead of days like a standard ACH order, and works on holidays, unlike regular ACH.”

Sardine’s infrastructure is used by major crypto companies such as FTX, MoonPay, and Autograph.

Metamask expands its scope

As recently reported by CryptoPotato, Metamask announced the launch of Portfolio Dapp, a tool for users to aggregate and monitor their assets across multiple accounts and networks such as Ethereum, Optimism, BNB Smart Chain, Polygon, Fantom, Abritrum, and Avalanche.

Thanks to this feature, Metamask stepped in to compete against other crypto giants such as FTX, which offers similar services through Blockcfolio, a wallet and aggregator acquired by FTX in 2020.

Additionally, in late September, Metamask announced a new tool called MetaMask Institutional (MMI), a version of the wallet designed to meet the needs of institutional players when it comes to participating in Web3 and Decentralized Finance (DeFi).

According to Liz Matthew, Global Head of Growth and Partnerships for MetaMask, the addition of the new Guardians (Cobo, Floating Point Group, Limin and Propine) will bring the total number of Metamask Institutional-supported trustees to eleven, strengthening Metamask’s position as “the number one institutional portfolio for Web3”.

A Metamask post to allow US users to buy cryptocurrency directly from their bank accounts first appeared on CryptoPotato.

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