Crypto: New Features of Ethereum MetaMask

The Ethereum MetaMask wallet now allows instant bank-to-crypto transfers. Concretely, the Metamask wallet will allow its users to more easily transform fiats into cryptocurrencies. MetaMask users will now be able to fund their cryptocurrency wallets by bank transfer instantly.

How the payment system works

Instant transfers are considered better than other methods according to ConsenSys, the company behind Metamask. In comparison, going through a crypto exchange or paying with a credit card can be less flexible. This is because these methods may have monetary limits or result in declined 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 little more context: The homepage boasts that the developers have ” built the fraud prevention and compliance infrastructure that helped scale Coinbase and Revolut “. It also mentions 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.

A discussion about security

Admittedly, conversions and instant purchases can raise questions about security. Some consider that this method would potentially increase the risk of fraud or other illicit activities. In its announcement message on Twitter, Metamask explains that this payment system makes it possible to fight against fraud without, however, specifying how. The startup seems confident in its ability to prevent and deal with fraud. She promises to take full responsibility for chargebacks or returns for other business customers using her services.

She is also well supported. Last month, Sardine raised $51.5 million in its Series B funding round, with Andreessen Horowitz at the helm. Sardine is the platform allowing this payment system. That said, it’s unclear what responsibilities apply to MetaMask users when transferring money with Sardine. It is also unclear whether Sardine will be able to detect fraud on the cryptocurrency wallet. For example, in case a hacker manages to get the private key of a wallet and deposit funds from the linked bank account.

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