ConsenSys, the firm behind the most used self-custodian cryptocurrency wallet, MetaMask, has partnered with MoonPay to enable Nigerian crypto users to buy digital assets more conveniently than before. This is positive news in the crypto space, especially for mainstream adoption of cryptocurrency.
Prior to the partnership, purchasing digital assets in Nigeria was expensive and time-consuming. However, MoonPay’s integration with MetaMask makes it easy for users to buy cryptocurrencies with seamless transfers.
The collaboration enables Nigerian crypto users to have direct on-ramps for crypto buying, skipping the need for centralized exchanges as a broker. The service is now available in the MetaMask mobile and portfolio dApp, allowing users to access local banks for instant transfers while buying crypto and then store the purchased digital assets in the MetaMask wallet.
This move is aimed at reducing friction and bringing down barriers to crypto adoption in Nigeria, which has emerged as one of the top 20 countries adopting crypto assets despite banking barriers. According to a Chainalysis report, Nigeria’s 35% population aged between 18 to 60 have traded cryptocurrencies.
The integration is expected to decrease the transaction decline rate from 90% to 30%. Zeeshan Feroz, Chief Product Officer at MoonPay, explained that users could make purchases through all Nigerian banks, which are the widely used payment medium in the country’s e-commerce business.
Lorenzo Santos, Chief Product Manager at MetaMask, said, “This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3.”
Nigeria’s stance on crypto is also changing, as the government collaborates with Binance to create a virtual free zone like Dubai. The nation has become a prominent market for MetaMask as it ranks third in monthly active users, according to Lorenzo Santos.
The partnership between MetaMask and MoonPay to facilitate instant crypto purchases in Nigeria is a significant development for mainstream adoption of cryptocurrency. It will make crypto asset purchasing cheaper, seamless, and less lengthy in Nigeria.
This will open up the door for many Nigerians to finally get their hands on crypto and start participating in this new economy.