Metamask, a leading crypto wallet run by ConsenSys has recently announced that they will offer integration with ApplePay on iOS. Apple device owners will now be able to buy digital assets not just for dollars and euros, but also for 68 additional fiat currencies.
Crypto friendly payment gateways, including Wyre and Transak, are participating in order to bring this feature to MetaMask. Signup up for a new crypto exchange can be a complicated process for novices and this integration makes it easier for new retail investors to acquire cryptocurrency on their smartphone safely.
According to a post on the official MetaMask Twitter account, thanks to these advancements, iPhone users will be able to buy cryptocurrencies nearly instantly. That is, users of Apple Pay-enabled devices will be able to buy digital assets using credit and debit cards linked to their Apple Pay accounts.
This is a watershed moment for MetaMask. For a while, they have been working to improve and simplify the process of purchasing cryptocurrency for their consumers. This new agreement will make it possible for millions of Apple customers to buy virtual currencies in the quickest and safest method possible.
Users will be able to purchase the second-largest cryptocurrency by capitalization - ETH - using Mastercard cards, according to official data. The developers highlighted on the fact that there will be some restrictions at first - for example, it will be allowed to acquire ether for $400 in one day. The restriction may be greatly expanded in the future.
What is Crypto Currency?
It's critical to distinguish between cryptocurrencies and blockchain technology. Cryptocurrencies are not all built on a blockchain, and not all blockchains support them.
A cryptocurrency is a form of digital currency that is created, maintained, and secured with strong cryptography. This makes its transactions extremely difficult to hack or manipulate.
Unlike other forms of digital assets—like the gold traded on exchanges, money used in online games, or unique virtual assets like company-managed loyalty points—a cryptocurrency is typically censorship-resistant because it is not controlled by a central authority. This inverts the old currency paradigm, whereby currency was created and issued by government monetary authorities and controlled by central banks, such as the United States Federal Reserve.
What is MetaMask?
MetaMask is a browser plugin that serves as an Ethereum and Polygon wallet, and is installed like any regular plugin. Once it's installed, it allows users to store Ether and other ERC-20 tokens, enabling them to make transactions to any Ethereum address.
By connecting to Ethereum-based Dapps, users can spend their coins in games, stake tokens in gambling applications and trade them on decentralized exchanges. It also provides users with an entry point into the emerging world of decentralized finance, or DeFi, providing a way to access DeFi apps such as Compound and PoolTogether.