Crypto-related developments continue to gain more even though the recent market turmoil caused by FTX has undermined investor confidence. This time, ConsenSys, the company behind the most used cryptocurrency wallet, MetaMask, is partnering with Web3 payment channel, MoonPay.
This collaboration allows Nigerian crypto users to buy digital assets easier than ever, providing users with a direct on-ramp to buy crypto, bypassing the need for a centralized exchange as a broker. The service is now available on MetaMask mobile and dApp portfolio. Users can access their local bank for instant transfers when buying crypto and then store the purchased digital assets in their MetaMask wallet.
MetaMask With MoonPay Enables Fast Bank Transfers
Although Nigirean users had access to MetaMask before the partnership, buying digital assets in the region was expensive and time-consuming. MoonPay’s integration with MetaMask makes it easy for users to buy cryptos with seamless transfers instead of using debit and credit cards, which require a lot of work. Instant on-ramp with the crypto market makes buying crypto assets cheaper, smoother, and less lengthy in Nigeria.
When talking about integration, Lorenzo Santos, chief product manager at MetaMask, added;
This is the next important step in a critical market that has adopted crypto and web3 but faces serious challenges when using fiat for crypto on-ramp. We reduce friction and reduce barriers to continue to support Nigerians as they enter the web3.
In 2021, Nigeria’s central bank ordered financial institutions to stop facilitating crypto transfers. As a result, the user’s attempt to buy cryptocurrency failed in the country.
Related reading: Bitcoin Price Will Reach $50,000 Within A Year, This Economist Says
MoonPay and MetaMask have solved the problem, with Zeeshan Feroz, head of product at MoonPay, expecting the transaction drop rate to drop from 90% to 30%. He explained that users can make purchases through all Nigerian banks. And banks are a widely used payment medium in the country’s e-commerce business.
Nigeria Is Emerging As A Major Crypto Market
Negative regulatory attitudes towards crypto have failed to stop crypto adoption in the country. According to a Chainalysis report, Nigeria has emerged as one of the top 20 countries using crypto assets. Another report states that 35% of Nigeria’s population aged between 18 and 60 have traded cryptocurrencies despite banking barriers.
Nigeria’s attitude towards crypto is also changing. In the light of earlier reportThe Nigerian government is partnering with Binance to create a virtual free zone like Dubai. Also, the country has become a popular market for MetaMask as it ranks third in monthly active users, said Lorenzo Santos, chief product manager at MetaMask.
He added;
It is also among the top ten countries in terms of metamask.io visitors over the past month.
Option images from Pixabay and charts from TradingView.com