23 March 2023
Metamask users in Nigeria can now directly and instantly buy crypto assets within the mobile app, Consensys and its Web3 infrastructure partner Moonpay have said. According to a Consensys executive, rolling out this feature helps to reduce friction while bringing down barriers that block or stop Nigerians from embracing Web3.
Consensys, one of the leading Web3 firms, has said users of the Metamask wallet in Nigeria can now directly purchase crypto assets within the mobile app. To help it make this possible, Consensys partnered with the Web3 infrastructure company Moonpay. The addition of this feature allows users from the country to purchase crypto assets without having to set up accounts with centralized crypto exchanges.
In a March 21 joint statement, Consensys said the decision to enable direct purchases had been prompted by the very high number of declined or blocked transactions when the method of payment 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 the portfolio dapp (decentralized application).
Commenting on the addition of the new feature to the wallet, Lorenzo Santos, the senior product manager at Metamask, noted:
This is an essential next step in a critical market that has embraced crypto and Web3 but faces serious challenges when using [the] fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into Web3.
Zeeshan Feroz, the chief product & strategy officer of Moonpay, 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 in the coming month.
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