In a statement on March 21, MetaMask creator ConsenSys revealed that a new Moonpay integration will enable users in Nigeria to purchase their cryptocurrencies within the MetaMask mobile and Portfolio Dapp in an effort to increase the accessibility of self-custody cryptocurrency purchases in Nigeria.
According to Lorenzo Santos, the product manager for MetaMask, customers in Nigeria had exposure to the MetaMask wallet before the agreement, but the procedure for purchasing cryptocurrency was expensive and time-consuming.
Nigeria is a Significant Market for MetaMask
Although Moonpay offered a facility for card integration, he said that around 90% of attempts to purchase cryptocurrency with a credit or debit card were unsuccessful.
Nigeria has become a significant market for MetaMask despite its present crypto on-ramp problems, ranking third in terms of mobile monthly active users, according to Santos. He continued: “It is also among the top ten countries regarding visitors to metamask.io over the last month.”
The feature is accessible via the MetaMask mobile app and Portfolio DApp, greatly streamlining the procedure for purchasing cryptocurrency in Nigeria without using a credit or debit card.
Also, the new connection supports local bank transfers, making it easier and faster for consumers to buy cryptocurrencies on MetaMask without having to transfer funds from a centralized exchange.
According to MoonPay’s chief product and strategy officer Zeeshan Feroz, users of all Nigerian banks would have the ability to use the service through bank transfers, which are a common payment option for Nigerian e-commerce companies.
Incidentally, in accordance with a CoinGecko survey from August last year, Nigeria has been identified as the nation with the primary interest in cryptocurrencies worldwide, as TheCoinRise reported.
A KuCoin research found that 33.4 million adults, or 35% of the adult population, have recently traded or owned digital assets. Furthermore, this asset class is where 52% of people have put more than half of their overall fortune.
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