BANXA Holdings Inc (TSX-V:BNXA, OTCQX:BNXAF) has announced an integration with ConsenSys’ leading self-custody Web3 wallet, MetaMask, to simplify on-and-off ramping fiat to crypto.
On top of global users being able to purchase crypto through standard methods such as credit cards and Apple Pay, Banxa said the partnership will now allow MetaMask users in Canada to purchase crypto through the interbank network Interac with less friction. In addition, the company said MetaMask users in the Netherlands, Australia, South Africa, and Turkey will gain new access to Banxa’s crypto on-ramps through local banking infrastructure.
“MetaMask is one of the most reputable and trusted wallets in the space,” Banxa CEO Holger Arians said in a statement. “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.”
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Banxa explained that 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, before 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, it said.
The company said its on-ramp enables users to seamlessly move fiat funds on-chain. With an extensive network of compliant local payment solutions, it said it facilitates transfers across the Web3 world, maintaining high local alternative payment method (APM) conversion rates along with lower fees from local processing. Additionally, it said it provides a straightforward and efficient KYC process to MetaMask’s users and takes on all regulatory compliance legwork.
As a result of this integration, Banxa said MetaMask and its users will benefit from:
- Alternative payment methods
- 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 US, SEPA in Europe, and many more.
- Local banking infrastructure for new markets and 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 several existing solutions that make it easy for users, especially crypto novices, to access and store funds on MetaMask.
"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," MetaMask product manager Lorenzo Santos added. "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 said it is further accelerating blockchain adoption by serving as the premier entry point for the decentralized space, including Wallets, DeFi, Gaming, NFT Marketplaces and other decentralized applications. Earlier this year, it announced strategic partnerships with other key players in the decentralized finance sector such as dYdX, ZenGo, GMX, and Edge, among others.
The company said the integration will be launched on the MetaMask mobile app at first and will be made available for extension users in the coming weeks.
BANXA Holdings powers the world’s largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets.
Contact the author at stephen.gunnion@proactiveinvestors.com