MetaMask Adds Instant Bank-To-Crypto Transfers For U.S. Customers
Ethereum wallet MetaMask has added a function that makes it easier for users to convert their fiat currency into cryptocurrencies through integration with fintech firm Sardine.
MetaMask users in the U.S. will now be able to purchase cryptocurrencies much easier after the wallet added an instant bank-to-crypto feature via the automated clearing house (ACH) settlement merchant Sardine. The parent company of MetaMask, ConsenSys, published an announcement that explains the new feature:
With Sardine’s new instant ACH integration, you can buy crypto instantly with no settlement delays. Instant ACH allows orders to complete in minutes instead of days like a standard ACH order, and works on holidays, unlike regular ACH, the company said in a blog post.
MetaMask’s newly integrated feature allows users to transfer their fiat for crypto with a maximum limit of $3,000 per day. In a blog post, ConsenSys argues that instant ACH transfers through Sardine are a much better option for some users. They add that going through a crypto exchange or paying with a credit card can be less flexible because such methods may have monetary limits imposed on them or may result in declined transactions.
Instant conversions and purchases do however raise the matter around safety and whether it potentially increases the risk of fraud and other illicit activities. MetaMask however addressed safety issues and said that “Sardine’s payment system helps combat fraud.” Sardine’s website delves a bit deeper into how it combats fraud boasting that its developers “built the fraud prevention and compliance infrastructure that scaled both Coinbase and Revolut.” The company also claims that its technology is able to detect 300% more fraud than its competitors, and says that its users experience 90% less identity fraud than through other platforms. Sardine is however less confident in its ability to prevent and address fraud and promises to take complete liability for any chargebacks or returns for other business clients using its service.
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