Crypto-related developments has gained more grounds despite the recent market turmoil caused by FTX.

ConsenSys the firm behind the most used self-custodian cryptocurrency wallet, MetaMask, inked a partnership with Web3 payment channel, MoonPay.Information Guide Nigeria

According to bitcoinist.com, the collaboration enables Nigerian crypto users to buy digital assets more conveniently than before, providing users with direct on-ramps for crypto buying, skipping the need for centralized exchanges as a broker.

Other Top Stories:

• CBN disbursed N12.65bn as agriculture intervention since January – Emefiele
• 26 Apprehended For Electoral Offences In Benue
• FG Exempts Digital Economy Sector From 5% Excise Duty
• UI lauds security man for returning lost purse containing money, valuables

As reported by bitcoinist.com the service is now available in the MetaMask mobile and portfolio App.

Users can access local banks for instant transfers while buying crypto and then store the purchased digital assets in the MetaMask wallet.

Users had access to the MetaMask before the partnership, buying digital assets in the region was expensive and time-consuming.

MoonPay’s integration with MetaMask makes it easy for users to buy cryptos with seamless transfers instead of using debit and credit cards, which took a lot of work.NYSC Portal

Direct on-ramps with the crypto market make crypto asset purchasing cheaper, seamless, and less lengthy in Nigeria.

The chief product manager at MetaMask, Lorenzo Santos while speaking on the integration 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.”

In 2021, the central bank of Nigeria ordered financial institutions not to facilitate crypto transfers. As a result, users’ attempts to purchase cryptocurrency failed in the country.

MoonPay and MetaMask have jointly resolved the issue, with Zeeshan Feroz, chief product officer at MoonPay, expecting the transaction decline rate to decrease from 90% to 30%.

Lorenzo Santos explained that users could make purchases through all Nigerian banks. And banks are the widely used payment medium in the country’s e-commerce business.JAMB Result