Crypto wallet MetaMask is making it easier for users to turn their fiat into crypto through an integration with fintech firm Sardine, MetaMask parent company ConsenSys announced this week.
MetaMask users will now be able to fund their crypto wallets via bank transfers instantly, instead of having to wait for traditional fund transfers to clear.
In a blog post, ConsenSys argued that instant ACH transfers through Sardine are better than other methods for some users. For example, going through a crypto exchange or paying with a credit card can be less flexible because those methods may have monetary limits or result in declined transactions.
Through the new MetaMask integration, users will be able to turn their hard-earned cash into more than 30 tokens, up to Sardine’s daily transaction maximum of $3,000.
But instant conversions and purchases may raise questions about safety—and whether it potentially increases the risk of fraud or other illicit activity.
“Sardine’s payment system helps combat fraud,” MetaMask wrote as part of its announcement post on Twitter, but didn’t specify how.
Sardine’s website provides a bit more context: its homepage boasts that its developers “built the fraud prevention and compliance infrastructure that scaled both Coinbase and Revolut.” It also claims that its tech is able to detect 300% more fraud than other vendors, and that its users reportedly experience 90% less identity fraud than through other platforms.
AD
AD
The startup appears confident in its ability to prevent and address fraud, as it promises Sardine takes complete liability for any chargebacks or returns for other business clients using its services. It's also well-backed—last month, Sardine raised $51.5 million in its Series B funding round withAndreessen Horowitz leading the charge.
That said, it’s not clear what liabilities apply for MetaMask users when moving money with Sardine—and whether Sardine will be able to detect fraud on the crypto wallet, such as if a hacker manages to obtain a wallet's private key and deposit funds from the linked bank account. MetaMask and Sardine did not respond to Decrypt’s request for comment.
Stay on top of crypto news, get daily updates in your inbox.
On Mobile, tap the “Send” button on the homepage, or tap “Receive” to show your QR code, copy your address, or request payment. On Extension, you can also send by clicking the “Send” button. To receive funds, copy your public address and paste it into the platform you're sending from, or share it with the sender.
Once the transaction has been processed or “mined” on the Ethereum blockchain, your account's balance in MetaMask should update in a few minutes after the transaction is mined on the Ethereum blockchain. You can check your transaction status on a block explorer like Etherscan, by clicking the pop-up link.
Issues that may arise when withdrawing from MetaMask include sending funds to an incorrect address, choosing the wrong network or gas fees eating into the amount of cryptocurrency you're able to withdraw.
Yes. MetaMask is a trusted crypto wallet used by more than 30 million people worldwide, with security features like encryption, Blockaid, and seed phrases.
Is MetaMask safe? Yes.MetaMask is one of the most trusted cryptocurrency wallets for the Ethereum blockchain. Currently, MetaMask serves more than 30 million users across the world!
Crypto wallets like MetaMask are called self-custodial for this reason: You are the custodian and the only one who can access your private keys. There is no other custodian required to give you permission to control your assets, so there is nobody who can prevent you from interacting with them.
On Mobile, tap the “Send” button on the homepage, or tap “Receive” to show your QR code, copy your address, or request payment. On Extension, you can also send by clicking the “Send” button. To receive funds, copy your public address and paste it into the platform you're sending from, or share it with the sender.
To withdraw USDT to a bank account is simple. First, transfer your USDT to an exchange or wallet that allows USDT withdrawals. Once it's there, initiate a withdrawal and provide your bank account details, including your account number and name. The withdrawal process typically takes a few business days to complete.
Introduction: My name is Velia Krajcik, I am a handsome, clean, lucky, gleaming, magnificent, proud, glorious person who loves writing and wants to share my knowledge and understanding with you.
We notice you're using an ad blocker
Without advertising income, we can't keep making this site awesome for you.
