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MetaMask Enables Direct Bank Transfers for Crypto Purchases in Nigeria

by Blockchain NewsMarch 21, 2023

In a move that aims to make self-custody cryptocurrency purchases more accessible in Nigeria, MetaMask has partnered with MoonPay to expand direct on-ramps with local banks. ConsenSys, the parent firm of MetaMask, announced the integration on March 21, allowing users in Nigeria to purchase crypto via instant bank transfers. This new feature is available within the MetaMask mobile and Portfolio DApp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria.

Previously, MoonPay had a card integration feature, but about 90% of attempts to buy crypto with a credit or debit card were declined, according to Santos, a MetaMask spokesperson. With the new integration supporting local bank transfers, crypto purchases on MetaMask are now faster and cheaper, allowing users to access crypto without sending assets from a centralized exchange.

Despite the current issues with crypto on-ramps in Nigeria, the country has emerged as a major market for MetaMask, ranking third in mobile monthly active users. It is also among the top ten countries in terms of visitors to metamask.io over the last month, Santos added. Nigeria is one of the world’s top 20 ranked countries in cryptocurrency adoption, according to the Chainalysis 2022 Global Crypto Adoption Index. Some reports suggest that 35% of the Nigerian population aged 18 to 60 owned or traded cryptocurrencies in 2022.

This high level of adoption is despite the Central Bank of Nigeria banning banks from servicing crypto exchanges in February 2021. However, in December 2022, local media reported that the Nigerian government was preparing to pass a law recognizing the usage of Bitcoin (BTC) and other cryptocurrencies to keep up to date with “global practices.” This move, coupled with the new integration between MetaMask and MoonPay, may signal a growing acceptance of cryptocurrencies in Nigeria.

It is important to note that Nigeria’s cryptocurrency market faces challenges such as a lack of regulatory clarity and security concerns. However, the partnership between MetaMask and MoonPay provides a viable solution for those seeking to invest in crypto without the use of credit or debit cards. As the adoption of cryptocurrencies continues to grow in Nigeria and other countries around the world, we may see further innovations aimed at increasing accessibility and usability.

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Bybit suspends USD bank transfers amid service outages

by Blockchain NewsMarch 5, 2023

Bybit, a Dubai-based cryptocurrency exchange, has announced that it is temporarily suspending United States dollar (USD) deposits via bank transfers in response to “service outages from a partner.” According to a blog post from March 4, USD deposits via wire transfer are no longer available, but users can still make USD deposits through the Advcash Wallet or with a credit card. Withdrawals through the Advcash Wallet are scheduled to be available soon, according to the exchange.

Bybit has reassured users that their funds are safe and secure, but is urging clients planning to withdraw USD to do so “as soon as possible to avoid potential disruptions.” The halt comes just a day after Silvergate Bank announced plans to discontinue its digital assets’ payment network, which was one of the major on- and off-ramps for USD in the American crypto industry.

Bybit is one of the companies with exposure to the crypto lender Genesis Global Trading, which filed for Chapter 11 bankruptcy on Jan. 20. According to Bybit CEO Ben Zhou, the exposure amounts to $150 million via its investment arm Mirana Asset Management. A total of $120 million of the funds were collateralized and had already been liquidated, according to Zhou. He also assured that all client funds go into separate accounts and that Bybit’s earn products do not use Mirana.

The regulatory pressure and market outflows following the dramatic collapse of the cryptocurrency exchange FTX in November 2022 are driving US banks to reduce their exposure to cryptocurrency assets. Last month, Binance announced that it would temporarily suspend bank transfers of US dollars. In January, the exchange also said that its SWIFT transfer partner, Signature Bank, would only process trades by users with USD bank accounts over $100,000. Signature Bank previously announced that it was drastically decreasing crypto deposits.

While Bybit has suspended USD deposits via bank transfer, users can still make deposits through the Advcash Wallet or with a credit card. Bybit has assured users that their funds are safe and secure, but is urging clients to withdraw USD as soon as possible to avoid potential disruptions. The halt comes amid regulatory pressure and market outflows in the wake of the collapse of FTX and the bankruptcy of Genesis Global Trading.

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Tagged : Bank Transfers / Bybit / Crypto Exchange / Genesis Global Trading / News / USD DEPOSITS

Circle APIs Add ACH Payments and Payouts Support Options

by BtcmanagerJanuary 27, 2021

Circle just announced the addition of ACH as a payment rail, with extensive support for payment and withdrawal products.

Customers’ Interest at Heart

Its customers can make and receive payments via ACH seamlessly to and from USDC. Circle’s API provides primary payment channels such as cards, bank transfers, and blockchain transfers. Moreover, there are multiple ways for users to transfer money and make transactions using USDC, the fastest-growing dollar stablecoin.

By adding ACH support to the Circle API, customers can find a happy carrier for transaction processing between card payments. It can be expensive for larger transactions and wire transfers, which don’t always make sense for small transactions and can be more troublesome to manage large transactions.

Upping Circle’s Global Customer Base

To make linking bank accounts and receive ACH payments fast and easy, Circle has partnered with Plaid to provide even quicker account verification: customers can link their banks directly (no account details available).

This process prevents common mistakes such as incorrectly entering bank accounts or route numbers and provides greater security for users while reducing the risk of fraud. No digging required, no naughty code, no switching between apps in the process. In short, Plaid makes it easy.

ACH payments get automatically billed as USDC in your account area, and fees allow automatic conversion from USDC to ACH transfers. When coupled with the Circle Digital Dollar Account API, customers can build treasury and payment management applications that benefit from the openness, global reach, and cost-effectiveness of the stable dollar coin.

All of this is available on the same trusted Circle API. Enter the Circle Sandbox to explore ACH and contact sales to get started.

Fruitful Partnerships

Recent Circle partnerships include a partnership with Visa. It aims to enable businesses worldwide to use the combined power of USD Coin (USDC), fully preserved digital dollar stablecoins managed on multiple public blockchains, and using Visa’s global payment platform and network.

The demand for stable coins for digital dollars skyrocketed in 2020, driven by companies looking for faster, cheaper, and irreversible payments and settlements. Regulated and licensed financial institutions only issue USDC with full asset reserves that support a stable currency.

With Circle, companies can accept payments and send payments with traditional payment channels and the new stable coin infrastructure. Circle joined the Visa Fintech Fast Track program with the announcement, adding powerful new features to Circle’s global customer base and Visa ecosystem.

The Circle is a global financial technology company enabling businesses of all sizes to harness the power of stable coins and public blockchain for payments, commerce, and financial applications worldwide. The Circle platform has supported over 100 million tens of billions of dollars worth of transactions with nearly 10 million retail customers and more than a thousand companies while storing and securing more than $ 5 billion in digital currency assets.

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Tagged : Ach / All News / Altcoins / Bank Transfers / Circle / Circle Apis / Circle Digital Dollar Account Api / USDC