Ramp, a fintech firm specializing in bridging the gap between traditional finance and cryptocurrencies, has entered into a strategic partnership with MetaMask, a renowned non-custodial wallet developed by ConsenSys, a key player in Ethereum-focused technology. This collaboration aims to seamlessly integrate Ramp’s on-ramp services into the MetaMask mobile application, enhancing the utility of both platforms.
Ramp’s primary function is to facilitate the transition between conventional fiat currencies and cryptocurrencies. Through this partnership, Ramp intends to provide access to its services to over 100 million MetaMask users spanning 150 countries. Initially, Ramp’s services will be integrated into the MetaMask mobile app and the MetaMask Portfolio, enabling users to convert their cryptocurrencies into traditional fiat currencies. This integration will expand the array of decentralized applications (dApps) accessible to MetaMask users.
The driving force behind this partnership, as stated in a press release by Ramp, is the evolution of web3 and its global adoption. Many individuals who are not crypto enthusiasts or seasoned participants in the crypto sphere encounter challenges when trying to access digital assets through traditional financial services.
By incorporating Ramp’s services into MetaMask, this collaboration intends to make web3 an integral part of the traditional finance landscape. The ultimate goal is to seamlessly integrate decentralized finance (DeFi) into the daily financial activities of users who rely on conventional financial services.
Prior to partnering with Ramp, MetaMask had already ventured into creating a crypto-friendly bridge to traditional finance. They introduced the “Buy Crypto” feature within their Portfolio dApp, allowing users to purchase cryptocurrencies directly with fiat currency, which is then deposited into the user’s wallet. This feature extended access to around 90 cryptocurrencies for MetaMask users in 189 countries and supported numerous local payment methods. However, it’s essential to note that purchase limits may apply based on regional laws and regulations.