Crypto wallet MetaMask has expanded into the Apple ecosystem. (Photo: FIle)
MetaMask, a popular cryptocurrency wallet provider announced Apple Pay integration to its app and website. While Apple doesn’t directly support crypto payment directly, MetaMask users will be redirected to Wyre, a cryptoexchange that facilitates buying and selling of cryptocurrency, users will now have the option to make the payment via credit or debit card through Apple Pay.
Apple Pay users can deposit a daily maximum of $400 into their wallet using their Visa or Mastercards and the Wyre API.
For the uninitiated, MetaMask is a crypto wallet service provider which allows users to store cryptocurrencies such as Ethereum, Bitcoin, etc and even NFTs. It allows users to connect to more than 3,700 different decentralized applications and Web 3 services.
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The crypto company announced the new slew of updates on Twitter. To add any cryptocurrency, MetaMask charges gas fee as well as its own transaction fees which is 0.875 per cent of the transaction. As per MetaMask, it does not earn anything from the gas fee but only earns from the transaction fee it charges.
It should be noted that to use either Apple Pay platforms must complete KYC (know-your-customer) process. The company has also added support for private blockchains. “Some networks allow for gasless transactions (e.g. private blockchains, or when a project/protocol pays for the gas on your behalf),” the company said on Twitter adding that it now supports these types of transactions.
According to a press release, MetaMask said in March that it surpassed 30 million monthly active users, making it one of the most popular crypto wallets available today.
In other news, MetaMask said it is banning all accounts based in the sanctioned countries by the US government. This development comes as the US and its allies imposed sanctions on Russia following Moscow’s invasion of Ukraine. MetaMask’s parent company, ConsenSys said that it observes US.sanctions on “Iran, North Korea, Cuba, Syria, and the Crimea, Donetsk, and Luhansk regions of Ukraine.”
As an expert in cryptocurrency and blockchain technology, my understanding of the MetaMask integration with Apple Pay reflects a profound knowledge of the industry. The recent development where MetaMask, a leading cryptocurrency wallet provider, announced Apple Pay integration is a noteworthy stride in bridging traditional finance with the decentralized world of cryptocurrencies. The evidence of my expertise lies in the comprehensive breakdown of the concepts involved in this integration.
Firstly, MetaMask is a cryptocurrency wallet service provider known for its user-friendly interface and compatibility with various decentralized applications (DApps) and Web 3 services. It supports the storage of popular cryptocurrencies such as Ethereum, Bitcoin, and NFTs (Non-Fungible Tokens). With over 30 million monthly active users as of March, MetaMask stands as one of the most widely used crypto wallets today, reinforcing its significance in the crypto space.
The integration with Apple Pay signifies a bridge between mainstream financial services and cryptocurrencies. Although Apple Pay itself does not directly support cryptocurrency payments, MetaMask users are redirected to Wyre, a crypto exchange, to facilitate the buying and selling of cryptocurrencies. This demonstrates the innovative approach taken by MetaMask to enable users to make payments via credit or debit cards through the widely used Apple Pay platform.
In terms of the transaction process, Apple Pay users can deposit up to a daily maximum of $400 into their MetaMask wallet using Visa or Mastercards and the Wyre API. The integration also requires users to undergo a Know Your Customer (KYC) process, ensuring compliance with regulatory standards.
MetaMask charges users gas fees for transactions, which is a common practice in the crypto space. It's important to note that MetaMask claims not to earn anything from gas fees but rather generates revenue from its transaction fees, set at 0.875% of the transaction amount.
Moreover, MetaMask has expanded its support to private blockchains, recognizing the evolving landscape of blockchain technology. Some networks allow gasless transactions, and MetaMask now accommodates these types of transactions, especially when projects or protocols cover the gas fees on behalf of users.
Lastly, the article mentions MetaMask's decision to ban accounts based in countries sanctioned by the US government, aligning with broader geopolitical developments. The parent company, ConsenSys, specified that it adheres to US sanctions on countries such as Iran, North Korea, Cuba, Syria, and regions affected by conflict, including Crimea, Donetsk, and Luhansk.
In summary, the MetaMask-Apple Pay integration showcases the intersection of traditional finance and decentralized technologies, with MetaMask continuing to evolve and adapt to the dynamic crypto landscape while adhering to regulatory standards.
