Banxa partners MetaMask to improve Web3 access

Through this partnership, MetaMask users in Canada, Turkey, the Netherlands, Australia, and South Africa will benefit from a simpler on-and-off ramping fiat to crypto experience. Moreover, users will be able to purchase crypto through the interbank network Interac, while also receiving access to Banxa’s crypto on-ramps through local banking infrastructure. 

Before the integration, users in South Africa, the Netherlands, Australia and Turkey were unable to use local banking transfer services to on-ramp onto MetaMask’s self-custody wallet. The integration comes in the context of recent disruptions in the crypto market, which caused an increased demand for self-custody wallet solutions. 

Banxa incorporates a network of compliant local payment solutions that support transfers across the Web3 ecosystem. These solutions also maintain high local alternative payment method (APM) conversion rates while facilitating lower fees from local processing. 

What are the main benefits for MetaMask users?

The partnership between these two companies benefits MetaMask users in several ways: 

• Banxa provides a secure and regulatory-compliant payment channel for businesses that allow their customers to use cryptocurrency in a safe way. 
• Banxa can make it easier for MetaMask users, particularly those who are new to crypto, to access and store funds on MetaMask thus improving their onboarding experience. 
• As MetaMask is expanding in regions such as the Netherlands, South Africa, Turkey and Australia, it can leverage Banxa's local acquiring licenses in these areas to increase credit card conversion and reduce fees for users. 
• MetaMask users have access to new payment methods such as PayID, POLi, and iDEAL, as well as various other payment methods that Banxa offers, including PIX in Brazil, ACH in the US, and SEPA in Europe. 

The integration between Banxa and MetaMask will be launched on the MetaMask mobile app at first and will be made available for extension users in the following weeks.

Other developments from MetaMask

In December 2022, MetaMask partnered 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. To this end, 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 that aims to make 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.