MetaMask’s Ethereum wallet allows instant bank-to-crypto transfers. Concretely, the Metamask wallet will allow its users to convert fiats into cryptocurrencies more easily. MetaMask users will now be able to fund their cryptocurrency wallets via instant bank transfer.
How the payment system works
Instant transfers are considered superior to other methods according to ConsenSys, the company behind Metamask. In comparison, going through a crypto exchange or paying by credit card can be less flexible. This is because these methods may have monetary limitations or may result in reduced transactions. With the new MetaMask integration, users will be able to convert their money up to a maximum of $3,000 in daily transactions.
The website provides a bit more context: The home page boasts that the developers ” built the fraud prevention and compliance infrastructure that helped Coinbase and Revolut scale “. It also states that its technology is able to detect 300% more fraud than other providers. Finally, users would experience 90% less identity theft compared to other platforms.
Discuss security
Admittedly, instant conversions and purchases can raise questions about security. Some consider that this method may increase the risk of fraud or other illegal activities. In its announcement message on Twitter, Metamask explains that this payment system is possible to fight fraud without, however, specifying how. The startup seems confident in its ability to prevent and deal with fraud. It promises to take full responsibility for refunds or refunds to other business customers using its services.
She is also well supported. Last month, Sardine raised $51.5 million in its Series B funding round, led by Andreessen Horowitz. Sardine is the platform that allows this payment system. That said, it’s not clear what responsibilities MetaMask users have when transferring money with Sardine. It is also unclear whether Sardine will be able to detect fraud on the cryptocurrency wallet. For example, if a hacker manages to steal a wallet’s private key and deposit funds from the linked bank account.
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As for the angelism of the intermediaries of the current monetary system, I oppose DeFi, digital assets and the metaverse. Lawyer in Luxembourg, I am interested in cryptocurrency investment funds.
