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The popular Ethereum wallet MetaMask has received an upgrade that adds a handy feature.
MetaMask with a new payment function
Crypto Wallet MetaMask makes it easier for its users to convert their fiat money to cryptocurrencies like Bitcoin or Ethereum by integrating with the fintech company Sardine. MetaMask parent company ConsenSys announced this this week.
MetaMask users can fund their crypto wallets immediately via bank transfer – instead of waiting for the often slow release of traditional wire transfers.
In a blog post, ConsenSys argues: Instant ACH transfers through Sardine are better than other methods for some users. For example, going through a crypto exchange or paying by credit card may be less flexible as these methods may have cash limits or result in declined transactions.
With the new MetaMask integration, users can convert their hard earned money into more than 30 tokens at Sardine, up to a daily transaction limit of $3,000.
But instant conversions and purchases can raise security issues. And could it increase the risk of fraud or other illegal activities.
Has MetaMask become so secure now?
MetaMask writes in its announcement post on Twitter:
“Sardine payment system helps fight fraud.”
💡 Sardine’s payment system helps fight fraud and allows instant purchases of up to $3,000 per day, $5,000 per week, and $25,000/month for over 30 tokens.
— MetaMask 🦊💙 (@MetaMask) October 11, 2022
However, the company does not go into detail. Sardine’s website provides a bit more context: The homepage boasts that the developers are “built with the fraud prevention and compliance infrastructure that scales with both Coinbase and Revolut.”
Sardine also claims that their technology is able to detect 300% more fraud than other providers – and its users are said to experience 90% less identity fraud than other platforms.
The startup seems confident in its ability to prevent and fight fraud. Finally, Sardine undertakes to assume full liability for any chargebacks or returns to other business customers using its services.
Sardine is also getting good funding, raising $51.5 million in its Series B funding last month, led by Andreessen Horowitz.
However, it is unclear what obligations MetaMask users will face when transferring funds with Sardine – and whether Sardine will be able to detect fraud on the crypto wallet. For example, if a hacker manages to obtain a wallet’s private key and deposit funds from the associated bank account. MetaMask and Sardine have not yet responded to requests for comment.
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