ConsenSys, a market-leading Web3 company, disclose that MetaMask, the most popular self-custodial cryptocurrency wallet, has partnered with the Web3 payment company, MoonPay, according to the March 21st blog post.
Through this partnership, Nigerian users of cryptocurrencies can now purchase digital assets with greater ease than before. This allows users to directly access on-ramps for buying crypto, bypassing the requirement for centralized exchanges as intermediaries.
The MetaMask mobile and portfolio dApp have made the service accessible to users. Buyers can use local banks for instant transfers to purchase cryptocurrencies and store them in the MetaMask wallet. Although Nigerians could use MetaMask previously, buying digital assets was time-consuming and demanding before the collaboration.
MoonPay’s integration with MetaMask makes buying cryptocurrencies easier for users by allowing seamless transfers instead of debit or credit cards. This provides direct on-ramps to the crypto market in Nigeria, making acquiring crypto assets more cost-effective, streamlined, and time-efficient.
MetaMask’s integration is crucial for the cryptocurrency and web3 market, said Chief Product Manager Lorenzo Santos. The market has already shown significant adoption, making this integration an essential step forward.
However, the market still faces obstacles when using fiat currencies to enter cryptocurrency. By reducing friction and eliminating barriers, MetaMask aims to support Nigerians in their journey toward web3 adoption.
Overcoming Obstacles In Crypto Adoption
The central bank of Nigeria instructed financial institutions in 2021 to refrain from enabling crypto transfers, which resulted in unsuccessful attempts by users to buy cryptocurrency within the country.
Together, MoonPay and MetaMask found a solution to the problem. According to Zeeshan Feroz, chief product officer at MoonPay, the transaction decline rate will now drop from 90% to 30%. He stated any Nigerian bank could be used for purchases and that banks are the preferred payment method in Nigerian e-commerce.
Despite the disapproving views of regulators towards cryptocurrencies, the adoption of crypto assets in Nigeria has remained strong. As per the Chainalysis report, Nigeria has joined the league of the top 20 countries that have embraced cryptocurrencies.
A recent study found that despite banking regulations, around 35% of Nigerians between the ages of 18 and 60 have traded cryptocurrency. Chief Product Manager Lorenzo Santos says Nigeria ranks 3rd in monthly active users on MetaMask, indicating the country’s growing importance in crypto.
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Moreover, Nigeria collaborates with Binance to create a crypto-free zone like Dubai, signaling a change in the country’s attitude towards digital currencies.