The popular browser crypto wallet extension MetaMask has announced that it has struck a partnership with Bitfinex Pay that might open doors for millions of new users for its crypto service. The move is one of the first in the industry in which a browser-based wallet is flexing its arms and making things easier and more accessible for people.
MetaMask is a browser extension product developed by ConsenSys, which is an experienced crypto developer. ConsenSys was founded by Joseph Lubin, one of the co-founders of the Ethereum blockchain, who in 2015 founded the now second largest cryptocurrency by market cap. Lubin left Ethereum’s core team a few years ago to concentrate on ConsenSys, a new initiative to make investing and owning crypto easier and more available to the masses.
MetaMask allows users to set up crypto wallets as simply as downloading an extension on their favourite browser like Google Chrome or Apple Safari. However, the ability of the wallet service was limited as it could only deal with cryptocurrencies and their wallets directly and not like a dedicated payment platform.
Bitfinex Pay is Bitfinex’s payment gateway for merchants who wish to accept cryptocurrencies. Sellers can accept crypto transactions by signing up on the Bitfinex Pay application or widget and then verifying their identity there. Once verified with the right ID requirements, merchants can start doing transactions there.
According to Paolo Ardoino, the Chief Technology Officer (CTO) at Binance Pay:
“[cryptocurrencies are]going to disrupt the current payment industry [by] cutting out intermediaries while also reducing fees and friction.”
With this new partnership with Bitfinex Pay, MetaMask is aiming to offer a direct browser-enabled crypto payment gateway for merchants around the globe. They will also have the option to convert crypto payments directly into fiat or stablecoins if they choose to do so which is a big added feature. Previously, only crypto payments were accepted because of its limited wallet functionality.
MetaMask is also currently helping with institutional investment entering the space. It has partnered with three crypto custodian services like BitGo, Cactus Custody and Qredo to help bring more institutional crypto investments into the sector. Institutional investment has targeted the cry pto sector extensively during the last few years. However, there is still a lot of room for more players to enter the market and various solutions are helping them in this regard.
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