Swaps volume on #Web3 wallet provider #Metamask set an all-time high over the weekend as the demise of leading crypto-friendly banks Silvergate and Signature sent shockwaves across the industry.

On a forthcoming edition of The Scoop podcast with Frank Chaparro, Metamask group manager Dan Finlay claims that a significant portion of that was caused by the uncertainty around the precise outcome of those bank closures.

"It's a lot of just speculative panic. People aren't sure what they can trust. And everybody seems to want something stable, making some pretty big moves in response to this situation."

Circle, a #USDC issuer, had previously disclosed on Friday that Silicon Valley Bank, which was shut down by state authorities the same day, had $3.3 billion in reserves. Regulators said on Sunday that any deposits will be returned in full.

Finlay said:

"People were betting, they were freaking out that some of their stablecoins were going to drop. DAI even dropped because most of its backing is on USDC now."

As activity increased, Metamask earned around $1.5 million in exchange fees, according to Finlay.

"People are onboarding, people are fleeing to crypto in many situations... We see that every time there's one of these systemic shocks, people kind of look at it again and they're like 'hey, wait, that's holding up."

As a result, it may be "fantastic" for crypto even though there may be a systemic danger. A strange mixed gift, according to Finlay.

ConsenSys, the leading Web3 company, has announced that MetaMask, the world’s leading self-custody wallet, and MoonPay, the leading web3 infrastructure company, have expanded their offerings in Nigeria.

This move aims to provide Nigerian users with an easier and more efficient way to access digital assets, as buying and selling crypto in the country has been challenging due to the lack of localized payment methods.

With the new feature, users of MetaMask in Nigeria can now use instant bank transfers to purchase crypto directly within the MetaMask mobile app and the Portfolio Dapp, making the experience cheaper, faster, and more efficient. This integration will reduce decline rates and provide a user-friendly experience, allowing Nigerian users to obtain tokens conveniently without setting up an account with a centralized crypto exchange.

The collaboration between MetaMask and MoonPay will enable Nigerian users to fund their self-custody wallet through a simplified user experience. This feature is a significant step towards achieving a seamless on-ramp experience in Nigeria and other African countries such as Kenya, Botswana, and South Africa.

The increasing adoption of crypto in Nigeria is evident as the country has been climbing the charts regarding grassroots crypto adoption, with almost 12.4 million people estimated to own crypto assets, according to the Chainalysis 2022 Global Crypto Adoption Index. Nigeria is among MetaMask’s top markets globally, ranking third in mobile active users, and among the top ten countries regarding visitors to metamask.io.

Lorenzo Santos, Senior Product Manager at MetaMask, said, “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”

Zeeshan Feroz, Chief Product & Strategy Officer of MoonPay, added, “Our partnership with MetaMask will enable us to provide Nigerian users with Bank Transfers, a widely used payment method across Nigerian e-commerce businesses. We hope this integration opens the doors for Nigerians to fund their self-custody wallet through a simplified user experience.”

This integration is expected to boost the Nigerian crypto market, as a widely accepted and real-time payment infrastructure obstacle for crypto transactions in Nigeria would make purchasing crypto an easy solution. Moreover, MetaMask users can become their own bank through self-custody, directly controlling their assets.

To fund your MetaMask wallet with MoonPay in Nigeria, users can log in to the MetaMask mobile app or Portfolio Dapp, click or tap the Buy button, select Nigeria as their region, choose Instant Bank Transfer, enter the amount desired and the token they wish to purchase, select the MoonPay quote, and checkout inside MoonPay widget.

In conclusion, this collaboration between MetaMask and MoonPay is an excellent initiative for Nigerian users, as it will provide them with a more convenient on-ramp experience, reducing friction and bringing down barriers to access web3. This move is a significant step towards achieving the digital economy of tomorrow, as ConsenSys enables developers, enterprises, and people worldwide to build next-generation applications and access the decentralized web.

#Metamask #moonpay #Nigeria #azcoinnews #azcoin

This article was republished from azcoinnews.com

MetaMask, one of the leading cryptocurrency wallets, has announced a new feature that will allow users to buy cryptocurrencies using fiat currency directly from their wallets. The feature, which is part of the MetaMask Portfolio application, currently supports the purchase of around 90 different cryptocurrencies using local payment methods.

According to MetaMask’s team, the service is available in 189 countries and users will have minimum purchase requirements depending on their location. For example, users in Singapore will need to purchase a minimum of 40 SGD when paying with their local currency, while the minimum purchase requirement for USD payments is $25. The feature is also available on the MetaMask browser extension and supports eight different networks, including Ethereum, Polygon, BNB Chain, and Celo.

MetaMask has stated that it aims to provide users with the best prices when purchasing cryptocurrencies, and the new feature will offer multiple options through different providers. Users can pay using debit and credit cards, bank transfers, PayPal, and ACH transfers, with more payment options expected to be added in the future.

MetaMask was launched in 2016 and is the flagship product of ConsenSys, a blockchain software development company. To date, ConsenSys has raised over $726 million in funding from investors such as JP Morgan, Softbank, and Microsoft, and recently launched Linea, a layer 2 blockchain that uses zkEVM technology.

The new feature from MetaMask represents a significant development for the cryptocurrency industry, as it makes it easier for users to purchase cryptocurrencies using traditional payment methods. It also reinforces MetaMask’s position as a leading player in the industry, as it continues to innovate and offer new features to its users.

#Metamask #MASK #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

MetaMask has teamed up with security firm Blockaid to introduce a new feature aimed at bolstering user security. MetaMask desktop users will have the option to opt-in to the new security feature by enabling the MetaMask experimental setting and adding the Privacy Preserving Offline Module (PPOM). Developed by MetaMask, PPOM serves as an offline security engine that simulates and validates transactions and signatures before signing them. It achieves this by utilizing node RPC communication requests to a configured node provider, ensuring that no sensitive data is sent to external servers. MetaMask also plans to roll out the feature on its mobile app in November. By the first quarter of 2024, MetaMask aims to seamlessly integrate and enable the new feature by default, making it available to all MetaMask users.#BTC #Metamask