Following the partnership between Metamask and the company Sardine specialized in financial technologies, users of the most famous crypto wallet can now use real currency (US dollar) with their Metamask wallet. An important precision and not the least. At this time, only users located in the United States can benefit from this new feature of their Metamask digital wallet.
A new Metamask wallet feature to convert fiat currency
So, the new feature of Metamask allows its users to transfer up to US$3000 per day, $5000 per week or $25000 per month for conversion done directly through Metamask.
Even if this functionality does not allow this automatic conversion to be carried out with all the existing crypto currencies on the market, which today has thousands; most popular cryptocurrencies like Ether from Ethereum can be converted.
In addition, it is still possible to use different networks such as the Binance Smart Chain, Polygon, phantom crypto, Avalanche and many more besides Ethereum.
Also, the tokens associated with these blockchains are affected by the new functionality of Metamask.
Therefore, 24 hours a day, 7 days a week, including holidays, any user based in the United States will be able to use US dollars directly from the Metamask wallet.
Thus, it is not necessarily necessary to go through a centralized exchange platform like Binance or FTX to convert dollars into crypto currencies.
When will we be able to convert euros into crypto with Metamask?
One might wonder when will this new functionality of Metamask be available in other countries, and when will one be able to convert euros into crypto directly from this wallet?
For now, no date has been set, but it’s a safe bet that within some time, this new system will be generalized to all users around the world.
The risks of hacking and hacking funds on Metamask
A question remains unanswered in relation to the risks of hacking funds with this new feature.
Indeed, who says new functionality, also says new code, protocol, etc. Thus, new breaches may result from these changes that hackers and hackers could exploit to drain assets from users’ accounts.
Thus, according to Sardine, the anti-fraud system used by this new feature is significantly more efficient than that of its competitors, so that Metamask users should not fear massive hacks of funds.
And for good reason, the compliance and fraud prevention infrastructure that scaled Revolut as well as Coinbase was designed by the developers of Sardine; which should reassure users.
In addition, it should be noted that companies well established in the web3 such as Moonpay or the cryptocurrency trading platform FTX already use Sardine’s fintech services.