BANXA Holdings Inc. (TSXV:BNXA), the on-and-off ramp solution for Web3, announced an integration with ConsenSys’ self-custody Web3 wallet, MetaMask, “to simplify on-and-off ramping fiat to crypto.”
On top of global users being able to purchase crypto via standard methods such as credit cards and Apple Pay, this partnership will now “allow MetaMask users in Canada to purchase crypto through interbank network Interac with less friction.”
In addition, MetaMask users in the Netherlands, Australia, South Africa, and Turkey “gain new access to Banxa’s crypto on-ramps through local banking infrastructure.”
Recent disruptions in the crypto market “have increased demand for self-custody wallet solutions, which allow users to maintain complete control of their digital assets.”
However, prior to MetaMask’s integration with Banxa, users in South Africa, Netherlands, Australia and Turkey were “not able to use local banking transfer services to on-ramp onto MetaMask’s self-custody wallet.”
Banxa’s on-ramp “enables users to seamlessly move fiat funds on-chain.”
With an extensive network of compliant local payment solutions, Banxa facilitates transfers across the Web3 world, “maintaining high local alternative payment method (APM) conversion rates along with lower fees from local processing.”
Banxa provides a straightforward and efficient KYC process to MetaMask’s users and takes on all regulatory compliance legwork.
As a result of this integration, MetaMask and its users will benefit from:
- Alternative Payment Methods (APMs): Banxa boasts one of the largest ranges of both global and local payment methods of any on-ramp, and MetaMask users now have access to new options such as PayID, POLi, and iDEAL – in addition to the variety of other payment methods that Banxa offers, including PIX in Brazil, ACH in the U.S., SEPA in Europe, and many more.
- Local Banking Infrastructure for New Markets + Lower Fees: MetaMask is expanding coverage in the Netherlands, South Africa, Turkey and Australia regions with local payment methods, removing the need for cross-border transactions. Leveraging Banxa’s local acquiring licenses in these regions increases credit card conversion and significantly reduces fees for end users.
- Compliance Peace-of-Mind: Banxa provides a secure and regulatory-compliant payment channel for businesses to allow their customers to safely use cryptocurrency.
- Simplified Onboarding: Banxa joins a number of existing solutions that make it easy for users, especially crypto novices, to access and store funds on MetaMask.
Holger Arians, CEO of Banxa, said:
“MetaMask is one of the most reputable and trusted wallets in the space. Crypto users deserve reliable, accessible, and fast transactions. We are excited to play a role in MetaMask’s journey by offering one of the widest ranges of global and local payment methods for their users.”
Lorenzo Santos, Product Manager at MetaMask, said:
“With more global interest in self-custody wallets than ever before, Banxa removes barriers by plugging into local banking solutions already popular with our users. A bad user experience is a major hurdle to the mass adoption of crypto. Banxa addresses this issue head-on by providing a bridge from CeFi to DeFi – and everywhere in between.”
Banxa is further “accelerating blockchain adoption by serving as the premier entry point for the decentralized space, including Wallets, DeFi, Gaming, NFT Marketplaces and other dapps.”
Earlier this year, Banxa announced strategic partnerships “with other key players in the decentralized finance sector such as dYdX, ZenGo, GMX, Edge, among others.”
This integration will be “launched on the MetaMask mobile app at first, and will be made available for extension users in the coming weeks.”