​MetaMask releases an app to buy cryptocurrencies for fiat

What’s new? On April 10, the developers of the MetaMask cryptocurrency wallet announced the addition of new functionality to their decentralized application Portfolio Dapp. Users can now buy more than 90 cryptocurrencies across 8 networks for fiat money using bank cards or the PayPal payment system. The service supports Ethereum, Polygon, Optimism, Arbitrum, Binance Smart Chain, Avalanche Contract Chain, Fantom, and Celo blockchains.

News on the MetaMask website

How does the service work? It is an aggregator that allows one to find a suitable rate and buy cryptocurrency in one application. To do this, users need to go to the Portfolio Dapp page, connect their MetaMask wallet, select the desired asset, and get quotations from available providers.

Once selected, the user will be redirected to the provider’s website to complete the purchase, and funds will be deposited into the wallet. Users of the MetaMask browser extension will be automatically redirected to Portfolio Dapp after clicking the purchase button in the wallet.

Portfolio Dapp page

The developers warn that users will have different options for buying cryptocurrencies depending on the region. The service is available in 189 countries, but in Russia, it will not be possible to buy coins or tokens for rubles. For some regions, there are restrictions on the amount or method of payment, depending on local legislation.

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Earlier, the crypto wallet Trust Wallet, part of the ecosystem of the Binance exchange, also added the possibility of buying digital assets for fiat. It was implemented in cooperation with crypto pay services Moonpay and Ramp Network and allows transactions without using centralized platforms.

The partnership between PayPal and MetaMask’s parent company, ConsenSys, was announced in late 2022. PayPal integrated cryptocurrencies into its mobile app in August. Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC) are available for users to buy, sell, store, and transfer in the app. In February 2023, the payment system suspended the development of its own stablecoin. The reason was the strengthening of control by the US regulators.