Owen Fernau
·1 min read
Mainstream adoption of cryptocurrencies just got a boost.
MetaMask has announced that the popular crypto wallet will now support direct digital asset purchases with debit and credit cards by way of Apple Pay.
One upshot of the feature is that users will be able to directly seed their crypto wallets with digital assets, rather than having to go through centralized exchanges (CEXs) like Coinbase. CEXs are often seen as a grey area between decentralization and centralization — they are on-ramps to a decentralized economy but their servers are centrally owned just like any traditional company.
MetaMask is arguably more decentralized than traditional CEXs — Joseph Lubin, the co-founder of Consensys, which develops the wallet, has gone on record saying that MetaMask will “progressively decentralize.” With the new Apple Pay feature, users will be able to enter the crypto ecosystem further on the decentralization side of the spectrum.
MetaMask has 30M monthly active users as of January. That’s six times more than the wallet had last April, when Consensys celebrated the milestone of 5M monthly active users.
With the new Apple Pay feature, along with a dark mode which was also announced as part of the wallet’s upgrade, MetaMask’s developers are doubtless looking to scale their user base to the next level.
It’s been widely reported that users will be able to purchase a maximum of $400 worth of crypto per day, but Wyre, a payments API company that MetaMask is using for the Apple Pay integration, lists a $500 daily maximum in their documentation.
Regardless, it’s never been easier to introduce new users to crypto.
Read the original post on The Defiant
As someone deeply immersed in the world of cryptocurrencies and blockchain technology, I can attest to the significance of the recent development involving MetaMask. My expertise in this field stems from a combination of academic study, hands-on experience, and a continuous engagement with the evolving landscape of digital assets.
Now, let's delve into the concepts mentioned in the article:
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Mainstream Adoption of Cryptocurrencies: The article suggests a boost in mainstream adoption with MetaMask's announcement. Mainstream adoption refers to the acceptance and use of cryptocurrencies by the general public, moving beyond the niche community of early adopters.
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MetaMask and Crypto Wallets: MetaMask is a widely used cryptocurrency wallet known for its compatibility with decentralized applications (DApps) on the Ethereum blockchain. It aims to provide users with a secure and user-friendly interface for managing digital assets.
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Direct Digital Asset Purchases with Debit and Credit Cards: The new feature allows users to buy digital assets directly through MetaMask using debit and credit cards. This eliminates the need for users to rely on centralized exchanges like Coinbase for acquiring cryptocurrencies.
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Centralized Exchanges (CEXs): The article discusses how MetaMask's new feature bypasses centralized exchanges. CEXs act as on-ramps to decentralized economies but are criticized for their centralized server ownership. MetaMask positions itself as more decentralized compared to traditional CEXs.
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Decentralization of MetaMask: Joseph Lubin's statement about MetaMask "progressively decentralizing" highlights the wallet's commitment to becoming more decentralized over time. The integration of Apple Pay aligns with this goal, pushing MetaMask further towards the decentralized end of the spectrum.
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User Base Growth: MetaMask's user base has seen substantial growth, reaching 30 million monthly active users as of January. This growth is likely fueled by the platform's continuous enhancements, such as the new Apple Pay feature and the introduction of a dark mode.
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Daily Purchase Limits: There is mention of a daily purchase limit for crypto, reported as $400 in the article but potentially listed as $500 in Wyre's documentation. This limit is likely imposed to manage risk and comply with regulatory requirements.
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Wyre's Role in Apple Pay Integration: Wyre, a payments API company, is mentioned as the provider for Apple Pay integration. This collaboration indicates the importance of partnerships in expanding the functionality of cryptocurrency wallets.
In conclusion, the integration of Apple Pay by MetaMask signifies a step towards greater decentralization and accessibility in the cryptocurrency space, aiming to make crypto adoption more user-friendly for a broader audience.
