MetaMask to Compete with Exchanges for Smaller Fiat to Crypto Transactions
With instant in-app ACH transfers through Sardine that allow U.S. users to buy crypto with no settlement delays.
MetaMask now makes buying crypto easier than ever through the help of the Sardine platform. Through the partnership, U.S. users are now able to make instant crypto buys through ACH with zero settlement delay — whereas before they might wait several days or face high fees and declines via card.
We don’t fox around
We make payments faster & safer for MetaMask users ? https://t.co/kvhAKQy6oe
— Sardine (@sardine) October 13, 2022
Sardine
While used in the background of many major crypto providers like FTX and MoonPay, Sardine has started to catch more of a public spotlight following its $51.5 million USD funding round led by a16z last month.
The fraud detection platform was founded in 2020 by Soups Ranjan, who by his definition, was a “former fraud fighter” for both the Revolut App and Coinbase. Alongside his team, Ranjan has taken his expertise and scaled Sardine’s customer base by three times, launched crypto and NFT on-ramp products, and created what he says is a world-class fraud detection engine.
The New Feature
To utilize the new Sardine integration on MetaMask, users in the U.S. will need to fill out a short identification process called Know Your Customer (KYC). Once complete, instant purchases of over 30 supported tokens can be made to the maximum amount of $3,000 USD a day or $25,000 USD a month.
While $3,000 USD might not seem like a large figure in the grand scheme of things, it is more than most retail traders need daily and is a huge step forward for MetaMask becoming a competitor to major exchanges like Coinbase or Binance.
An Edge
Before, if a user needed to top up their hot wallet for an NFT drop and their card was declined, they might have to go to an exchange, buy crypto, and send it to their hot wallet. Going this route often incurs fees and there is also the chance the user might run into settlement delays if the amounts are too high.
Now users on MetaMask don’t need to go anywhere else for transactions under $3,000 USD a day and can get zero-delay instant access to the crypto they need.
With the platform having over 21 million users, the feature is sure to shift the market share for these “smaller transactions” to MetaMask’s favor — especially with the added convenience of keeping everything on one app.
In other Web3 news, can Singapore’s recent regulations support its digital asset goals?
