Now, Metamask users in the U.S. can purchase cryptocurrency directly from the wallet app by paying from their bank account, thanks to the new integration and partnership done by the developer to make it easier to handle things. Before this, users could swap the tokens only on the crypto platform and there was no direct way of using the funds from the bank account to purchase the crypto tokens.
On October 13, Sardine, a financial platform offering instant ACH settlements, confirmed a partnership with ConsenSys to allow Metamask users in the U.S. to purchase cryptocurrencies with their bank accounts from the wallet’s UI.
Sardine’s payment system helps combat fraud and allows instant purchases of up to $3,000/day, $5,000/week, and $25,000/month for over 30 tokens.
For MetaMask, this is one of the few partnerships they have done in recent times. They partnered with Asset Reality to help users recover their stolen crypto tokens for free. Sardine, on the other side, had recently raised $51.5M in a Series B funding led by the crypto-friendly venture capital firm a16z and backed by other big names in the industry like Visa and Google Ventures.
Sardine is the platform that helps in fiat and crypto settlement, and it comes with robust compliance and fraud prevention. Fraud protection is used by crypto providers including FTX, MoonPay, Blockchain, and Autograph. Sardine helps in sending the money instantly so that the users don’t have to wait for the standard process of money transfer which takes time.
If you want to purchase cryptocurrency via MetaMask, there is a KYC process that you will have to go through with Sardine and that’s a one-time process.
To fund your wallet with an instant ACH bank transfer:
- Click “BUY” on the home screen to get started
- Select your state (Sardine supports 48 states currently. Hawaii and New York will be supported in the future)
- Choose “Instant Bank Transfer” as your payment method
- Select the token and network you want to purchase on (for example ETH on Ethereum)
- Enter the amount you want to buy (for example $500 of ETH)
- Select “Sardine” as your provider. Note: If this is your first time using Sardine, you will be prompted to sign up directly with them.
- Review the purchase and click “Confirm”