Metamask is already one of the biggest and most dominant wallets in the crypto industry, and now, it is making a move that will allow it to grow even larger. Not only that, but it will make it a lot easier for US investors to purchase cryptocurrencies.
This comes from the fact that yesterday, October 13th, a financial platform, Sardine confirmed that it entered into a partnership with ConsenSys. The partnership will allow Metamask users throughout the US to buy cryptocurrencies using their bank accounts through the wallet’s UI.
We don’t fox around
We make payments faster & safer for MetaMask users 🦊 https://t.co/kvhAKQy6oe
— Sardine (@sardine) October 13, 2022
Users can buy crypto via the bank account directly
Sardine, which offers instant ACH settlements, is only the latest partnership that Metamask entered recently. Prior to this, Metamask also unveiled a collaboration with Asset Reality, which will help its users recover stolen coins for no extra charge. As for Sardine, the partnership will mark another major achievement on its roadmap.
The company’s team recently held a Series B funding round, which was extremely successful. They managed to raise around $51.5 million. The round was led by a crypto-friendly VC company, a16z. However, many other major names participated as well, including Google Ventures and even Visa itself. ConsenSys — a blockchain tech firm behind the Metamask wallet — also participated in the funding round.
Once the two firms connect their technologies, Metamask users will be able to use the new Instant ACH payment option. However, before they do, they will have to comply with Sardine’s KYC procedure. The process is mandatory, and they will not be able to use the payment feature otherwise. For now, the option is expected to be available in 48 different states, with the final two — New York and Hawaii — also expected to be admitted in the near future.
What do you need to know about the new instant payments feature
Sardine has made certain steps to help prevent electronic fraud and scams. It has set the purchase limit to $3,000 per day and $5,000 per week. On a monthly basis, users will only be able to buy $25,000 worth of crypto. However, they will be able to purchase over 30 different tokens. The supported cryptos have not yet been disclosed.
ConsenSys stated that the new instant payment method would work a lot better than traditional payment systems, which often run into issues such as getting card purchases declined. Orders will be completed in mere minutes instead of days, and holidays and other periods of the year when payments are infamously difficult to make will no longer present a problem.
Sardine’s infrastructure is also already used by a number of other major crypto companies, including Autograph, MoonPay, and even one of the leading crypto exchanges, FTX.
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