Popular Ethereum and multi-coin wallet MetaMask announced support for major payment processor Stripe on October 11, 2023. This addition will allow users to deposit fiat currency and receive cryptocurrency through a new on-ramp. MetaMask said that the Stripe on-ramp feature is available through its mobile app, browser add-on, and Portfolio service.
MetaMask stated that the feature is initially available for users in the United States. The company has not yet announced when the Stripe on-ramp will be available in other countries or which specific fiat currencies it will support. MetaMask also noted that the Stripe on-ramp feature is powered by Stripe’s Link service, which is described as a “one-click payment solution that optimizes authorization rates (i.e., successful transactions) and simplifies the purchase experience.”
MetaMask announced its other fiat on-ramps in April 2023. In September, the company announced an off-ramp or cash-out feature. MetaMask’s crypto buying page suggests that the platform has worked with at least nine other payment services to provide fiat on-ramps. The most notable of these are likely those involving PayPal and Coinbase Pay. MetaMask’s parent company, ConsenSys, announced these additions in December 2022 and May 2022, respectively. Other payment services that serve as MetaMask on-ramps include Transak, MoonPay, Sardine, Banxa, Onramp.money, Ramp, and Mercuryo. MetaMask has over 30 million users and serves as a gateway to over 17,000 Web3 services. The wallet supports Ethereum (ETH) and compatible tokens and networks.
Past reports from MetaMask suggest that its wallet has handled at least $10 billion in peer-to-peer coin swaps alone, not accounting for its other features. Despite its massive popularity, the wallet has recently attracted controversy due to recent email address leaks, criticisms of IP address data collection and country blocking, and now-debunked allegations of tax collection.