Through this partnership, users of the cryptocurrency wallet MetaMask gained the ability to purchase cryptocurrencies with greater ease. This collaboration, initially announced in February, aims to improve the buying experience for MetaMask users by incorporating Apple Pay's '1-click' service. Unlike other on- and off-ramp services connected to MetaMask, Banxa exclusively offers this streamlined checkout process.
Representatives from MetaMask clarified that this integration targets returning users who have previously established accounts with Banxa and completed the necessary KYC (Know Your Customer) procedures. While the integration doesn't eliminate these steps entirely, its primary objective is to reduce friction during subsequent purchases, allowing users to proceed to the final step without repeating prior actions.
When users intend to buy cryptocurrencies through MetaMask, they receive price quotes from various on-ramp services. This procedure remains consistent, except for Banxa's inclusion of the faster checkout process powered by Apple Pay. Although other payment providers also utilise Apple Pay, the process often involves more intricate steps. MetaMask noted that Banxa's approach simplifies the process significantly, involving a straightforward sequence of actions for completing transactions.
The company believes that this new integration could potentially minimise the time required to complete a purchase from a few minutes to just one minute.
On Banxa's side, this move aligns with the trend of users increasingly favouring non-custodial options when entering the cryptocurrency realm, as opposed to centralised alternatives. Banxa officials cited by decrypt.co observed that this shift has contributed significantly to the firm's growing volume. The United States stands out as Banxa's primary market, followed by Germany, Canada, the UK, and the broader European market.
Banxa believes that simplifying any aspect of the cryptocurrency experience can encourage more users to complete transactions, generating increased activity for both service providers and platforms such as MetaMask.
In December 2022, MetaMask partnered with PayPal to allow users to purchase cryptocurrencies via the MetaMask platform using their PayPal accounts. Through this partnership, PayPal aimed to make it easier for users to get started with cryptocurrencies. Therefore, the company behind MetaMask, ConsenSys, has agreed to add an integration in its crypto wallet that will allow users to purchase cryptocurrencies in a straightforward way using their PayPal accounts.
In January 2023, MetaMask received a new staking feature with the goal of making staking more accessible for newcomers. MetaMask Staking incorporates directly into the MetaMask Portfolio dapp, and it improves access to staking worldwide by allowing MetaMask users to stake crypto (ETH) with providers such as Lido and Rocket Pool.
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