MetaMask reports the partnership deal with MoonPay as its cosigner to penetrate the African crypto market via the commercial partnership leveraging the Nigerian marketplace penetration. The crypto wallet company and the web3 developer partnership deal will alter seamless crypto assets purchase via direct bank transfer without hiccups.
MetaMask’s parent company, ConsenSys affirmed the collaboration with the web3 Infrastructure to allow Nigerian crypto traders to purchase crypto assets in-app in the MetaMask wallet. This denotes that MoonPay’s web3 Infrastructure will leverage the payment gateway that processes direct bank transfers in the guise of a mere FinTech other than a cryptocurrency supplier.
“This is an essential next step in a critical market that has embraced crypto and web3 but faces serious challenges when using fiat to the crypto on-ramp. We are reducing friction and bringing down barriers to keep supporting Nigerians as they onboard into web3,” MetaMask senior product manager, Lorenzo Santos said.
MetaMask has reportedly evaded allowing third-party cryptocurrency providers to operate within its FinTech landscape per the issued license that does not centralize users’ accounts. The partnership deal does not restrain the crypto wallet company from allowing other Ethereum-inclined services from its blockchain network likewise the Dapp crypto portfolio.
The Nigerian crypto market will access purchasing crypto assets via the MoonPay web3 Infrastructure – this is exclusive to the consigned crypto wallet in Nigeria. Even Dapp’s crypto portfolio will allow Nigerians to purchase crypto assets via MoonPay’s payment solutions by completing any direct bank transfer.
Recall the Nigerian apex bank purportedly null the local crypto market tagging crucible policy on crypto partisans. The Central Bank of Nigeria is yet to retract its policy that banned local commercial banks from trading in the crypto market due to its inability to regulate the crypto market decentralized network.
MetaMask and MoonPay’s adamant partnership is keen on finessing the Nigerian regulatory system that restrains the economy from direct contact with the crypto market. However, the direct bank transfer solutions the web3 developer and the crypto wallet have communed to serve Nigerians seem like a fast approach to defaulting the CBN policies.
In the name of rationale policing, the Nigerian apex bank is yet to consent to sanction the MoonPay and MetaMask crypto-based partnership which will impact alter innovation on eNaira development. It becomes less intriguing realizing the CBN is keen on learning the scope of the crypto market having overhauled the eNaira wallet app for financial inclusion to revive the plummeted economy.