Ethereum and multi-chain wallet developer MetaMask has unveiled its latest integration with major payment processor Stripe. The new feature expands MetaMask's capabilities by enabling users to deposit fiat currency and receive cryptocurrency through a streamlined on-ramp process.
The Stripe integration is accessible via MetaMask's mobile application, browser add-on, and their comprehensive Portfolio service. Initially, this feature is available exclusively to users in the United States, with no further information provided about its broader geographical availability or the specific fiat currencies it supports. MetaMask emphasizes that this new feature leverages Stripe's Link service, characterized as a "one-click payment solution" designed to optimize authorization rates and simplify the entire purchase experience for users.
Earlier this year, in April, MetaMask introduced other fiat on-ramp options, followed by the announcement of a cash-out feature in September.
MetaMask's crypto buying page indicates that the platform has collaborated with at least nine other payment services to offer fiat on-ramps. Among these, notable partnerships include PayPal and Coinbase Pay, as well as additional payment services functioning as MetaMask on-ramps including Transak, MoonPay, Sardine, Banxa, Onramp.money, Ramp, and Mercuryo.
MetaMask also recently debuted a new feature related to on-ramp options, with the launch of Transaction Insights Snaps. The security-focused feature aims to provide enhanced protection for users engaged in cryptocurrency transactions within the web3 space. With the rise of scams totaling $5.9 billion in the crypto sector in the past year, Transaction Insights Snaps are designed to address growing security concerns, and this extends to crypto-fiat on-ramps such as the integration with Stripe.
According to MetaMask, the transaction insights tool for Snaps offers real-time transaction analysis, security alerts, and cross-referencing of transaction addresses with databases known to contain scammer information. Currently, there are approximately nine Snaps available within this category, each offering distinct security features while sharing the common objective of bolstering transaction security.
With roughly 30 million users across its portfolio, MetaMask plays a major role in the crypto space, facilitating connections to over than 17,000 Web3 services. The wallet primarily supports Ethereum (ETH) and compatible tokens and networks. Despite its immense popularity, MetaMask has recently faced scrutiny due to email address leaks, criticisms related to IP address data collection and country blocking, as well as debunked allegations of tax collection.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
