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CoinDesk Consensus

Moonpay and ConsenSys partnership makes buying cryptocurrencies easier in Nigeria. This enables direct purchase of cryptocurrencies via bank transfer on MetaMask.

According to information on March 21 statementMetaMask developer ConsenSys revealed that a new integration by Moonpay will allow users to purchase cryptocurrencies within MetaMask mobile and the Portfolio Dapp.

Promote accessibility

This greatly improves the usual method of using credit or debit cards to purchase cryptocurrencies. “An estimated 90% of credit/debit card attempts to buy cryptocurrencies in Nigeria have been declined,” ConsenSys said.

According to the announcement, Nigeria is one of MetaMask’s major global markets as it ranks third in terms of active mobile users.

“Integrating MoonPay into MetaMask will make it easier for Nigerian users to acquire tokens more efficiently.”

Adoption of Metamask in Nigeria

Meanwhile, MetaMask’s popularity in Nigeria is a testament to the country’s adoption of cryptocurrencies, despite lack of clarity in regulation. In 2021, Nigeria’s banking regulator, the Central Bank of Nigeria, ordered banks to stop facilitating cryptocurrency transactions and close all cryptocurrency-related accounts.

Despite the service outage, crypto adoption in the country has not been hampered as peer-to-peer trading has grown in popularity.Chainalysis Ranked Nigeria ranks among the top 20 in the 2022 Global Crypto Adoption Index.

Although the government appears to have relaxed its stance, there are still no clear regulations on crypto in Nigeria.

report Appeared In 2022, it was revealed that Binance and the Nigerian government were involved in talks to create a virtual free zone similar to Dubai’s crypto trading zone. CBN also states that it does not ban cryptocurrencies.

Posted In: Africa, Adoption

By Jules

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