MetaMask is offering now a new fiat on-ramp solution for users in India that want to purchase cryptocurrencies such as Ethereum (ETH), Binance Coin (BNB), or Polygon (MATIC), among others. In the past, MetaMask was a crypto wallet only that has now been integrated with Onramp.money to allow users to make crypto purchases using fiat directly from the wallet.
MetaMask Offers Fiat On-Ramp Solution in India
Indian users can now purchase virtual currencies using their fiat currencies on the MetaMask wallet. This is possible thanks to a new partnership between Onramp.money and MetaMask. Onramp.Money is one of the leading crypto-to-fiat companies in India. Meanwhile, Metamask is among the most-used wallets around the world to manage digital currencies.
It is worth pointing out that the purchases will be made using multiple payment methods, including local ones such as IMPS or UPI. The goal behind this integration between these two platforms is to help increase the adoption of digital currencies in the country.
On that matter, Lorenzo Santos, product manager at MetaMask said:
“We are excited to partner with Onramp.money to bring instant transaction services to our users in India. We believe this will help drive the adoption of blockchain technology in India.”
India has been one of the largest markets for digital currencies over the last few years. However, there have been many issues in the country related to digital assets. Why? Regulators have tried to control the market in many different ways, but they were not able to do so. Many companies had to leave the country and search for other jurisdictions in order to continue operating.
Cryptocurrencies have been growing all around the world in recent years. However, there has been a strong barrier for many individuals that wanted to enter the market: a lack of on-ramp fiat solutions for crypto projects. Several users wanted to get access to fiat currencies, however, it was difficult to get the funds routed towards virtual currencies, especially in jurisdictions with unstable services.
MetaMask became one of the favourite wallets of users that wanted to get access to multiple on-chain solutions, including Decentralized Finance (DeFi) projects. At the same time, in order for users to get access to these platforms, it was necessary to create a wallet and connect to different smart contracts.
Decentralized applications (including those on the decentralized finance market), required users to deposit funds on apps and wallets such as MetaMask. Nowadays, with the possibility for users to deposit funds using fiat currencies, it will be easier for a large number of individuals to participate in the growing decentralized economy.
There could be new integrations with payment systems in the coming years. This would make it easier for users the possibility to enter the market without having to be worried about performing multiple transfers across platforms before being able to get access to virtual currencies. MetaMask is definitely a leader in the market and new integrations could come in the coming months and years.