Metamask, the most widely used crypto wallet for the Ethereum (ETH) network, has a new one feature launched enabling users to buy crypto directly from their wallet.
Buy crypto from Metamask wallet
The new feature allows users to use local payment methods to purchase approximately ninety cryptocurrencies across eight networks directly from their MetaMask wallet. The new feature is part of the Portfolio Dapp, but it is also accessible through the wallet itself. Users simply have to select the ‘buy’ button in the wallet.
The supported networks are: Ethereum, Polygon, Optimism, Arbitrum, BNB Chain, Avalanche, Fantom and Celo.
MetMask has indicated that the new service is live and supported in 189 countries. However, there is a limit to the amount users can purchase through the service based on the laws in their region. The feature is also live in the browser app.
MetaMask says it has been busy with it onboard of new partners and local payment methods to make fiat-to-crypto purchases much easier.
Current fiat payment methods include debit and credit cards, wire transfers, PayPal, and Instant ACH for now, with more options coming soon.
MetaMask wallet
With a wallet like MetaMask you can use various applications on the blockchain, such as purchasing non-fungible tokens (NFTs), but it also serves as a bridge to the world of decentralized finance (DeFi). For this you will have to connect the wallet to the relevant application.
MetaMask is a so-called non-custodial software wallet. Unlike a hardware wallet, the private keys with a software wallet online. This makes it vulnerable to security breaches and hackers. Non-custodial means that the user has control over the private keys. When you choose to store your crypto with a crypto exchange, they are the ones in control of your coins.