Metamask partners with Stripe to build in-wallet on ramp solution

October 16, 2023

Crypto Wallet MetaMask Adds Stripe On-Ramp for Fiat Transfers in US

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GM 👋

This is the Smoothie Newsletter.

Ferrari just announced that they’d accept payments in cryptocurrencies, mainly BTC, ETH, and USDC in the US.

This was in response to a popular demand by their young clients who made money in crypto.

Is this a sign of a bull market?

Matt & Vineet

Link, Stripe’s one-click payment solution will now power MetaMask's fiat-to-crypto onramp in the US.

Onramps are used to move your funds from fiat currencies like USD, EUR, JPY, INR, CNY, etc to on-chain currencies like BTC, ETH, USDC, USDT, etc.

Reasons why this is great for Metamask users:

  1. Fund inflow: Metamask has 30 million users globally. Stripe is a trusted company for fiat payments. Having a Metamask/Stripe-powered fiat-to-crypto on-ramp will boost the inflow of funds into crypto.
  2. Better UI/UX: Right now, you have to use different services to transfer funds onto chains before you can transact with on-chain apps using Metamask. Now, you can directly fund your Metamask account using a service that you’ve probably already used - Stripe.
  3. Cash out: Metamask already added the feature to off-ramp (cash out) your crypto profits to Stripe and banks. Thus this feature will make it easier for anyone to transact with crypto easily.
  4. Cross-border payments: International transactions might get smoother as more users will start to transact in cryptocurrency in an easier way. Exchanging fiat currency remains a complex and long process for most individual transactions.
  5. Reduced fees: This might reduce the fees of transactions as Stripe has been known to offer lower fees for its fiat payments.

Self-custodial wallet, Metamask has been facing serious challenges from other mobile/browser wallets like Rabby and Phantom. Some people have reported increased risks as Stripe is known to censor business payments.

Introducing an element of centralization to crypto payments goes against the ethos of blockchain and it isn’t what most DeFi/crypto users are looking forward to.

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