The mainfeature is the ability to buy cryptocurrency using a debit or credit cardthrough the mobile application, eliminating the need to transfer Ethereum (ETH)from a centralized exchange like Coinbase into the app.
MetaMask uses two paymentgateways, Wyre and Transak, to support debit card and credit cardtransactions. Users can now use their Visas and Mastercards stored in Apple Payto buy ETH and deposit a daily maximum of $400 into their wallets, thanks tothe Wyre API. Gas fees are reportedly lower, and according to MetaMask'stweets, some transactions may even be gasless if done on a private blockchainor if a project pays for the gas on the user's behalf. When completing anETH purchase, MetaMask discloses that it does not profit from gas fess. it'sbeen possible to buy the stablecoins USDT, USDC and DAI on theEthereum mainnet in MetaMask for some time now. The latest update allows usersto make bank transfers and use credit/debit cards to buy crypto using over 60global currencies. U.S. users can also buy Fantom and Avalanche native tokensnow, according to the comapany. Exact payment methods and fees varydepending on the location.
James Beck, Director of Communications and Content atConsenSys, told a media source that the purpose of the updates is to increaseaccessibility and reduce friction. "We wanted to expand the way in whichusers can convert crypto within the app itself and not have to leave it,"he said. He also revealed that more integrations that "maximize"options and "streamline" buying crypto are coming soon.
MetaMask tweeted about another "important"security update when it comes to sending tokens. Unlike sending ETH simply to arecipient address, tokens are sent to a contract address and instructions areincluded to send a specified amount of tokens to the recipient address. Userscan now "clearly see which contract is requesting" permission andto label and save that contract.
An earlier Twitter threadwarned MetaMask users "to be careful when interacting with contracts"and approving a certain address to move those tokens. They claimed that thetoken approving action could result in assets being stolen and that the onlyway to be protected is to revoke token allowances.
Recently, MetaMask acquired the Ethereum walletinterface provides MyCrypto with the intent of combining technologies andeventually merging MyCrypto with the MetaMask wallet to improve the security ofall their products.