ConsenSys, the parent company of Metamask, officially revealed the team-up with MoonPay, a self-custody wallet.
Because of MetaMask and MoonPay integration, instant bank transfers can be used to buy cryptocurrency in Nigeria with Metamast Mobile and Portfolio Dapp (Decentralized Application) from March 21st.
Thanks to MetaMask’s latest integration, users in Nigeria are eligible to start self-custody cryptocurrency purchases with MetaMask Mobile and Portfolio Dapps without the need for centralized exchange tools such as debit and credit cards in Nigeria.
Specifically, the collaboration makes the purchase of digital assets cheaper, faster, and more efficient than ever before, with instant bank transfers for access at any time and no need to settle up an account with centralized cryptocurrency exchanges.
As it ranks in third place for active mobile users, Nigeria is the leading market for MetaMask worldwide. The Number of visitors to MetaMask.io from this region during the past month places it among the top 10.
The senior product manager at Matamask – Lorenzo Santos, stated that “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp.” Furthermore, he elaborated that MetaMask strives to break down all barriers while reducing friction to support users in Nigeria, as “they onboard into web3.”
According to a ConsenSys press release, buying and selling cryptocurrencies may be challenging for Nigeria. According to studies, nearly 90% of attempts to purchase crypto from credit and debit cards have declined.
Nigeria is on the rise in terms of grassroots crypto adoption, and out of 12.4 million people, roughly 5.7% of Nigeria’s population own cryptocurrency assets according to the analysis by Chainalysis in 2022.
Also Read: MetaMask’s New Stablecoin ‘mUSD’ Goes Live
