ConsenSys in collaboration with Sardine, a fintech firm, has made it possible for MetaMask users to turn their fiat into cryptocurrency. Users will be able to fund their crypto wallets through bank transfers instantly, instead of having to wait for traditional fund transfers to clear.
ConsenSys touts ACH transfers through Sardine to be better than other methods for some users. It said going through a crypto exchange or paying with a credit card can be less flexible because those methods may have monetary limits or result in declined transactions. Users, through the new MetaMask integration, will be able to turn their hard-earned cash into more than 30 tokens. However, instant conversions and purchases are likely to raise questions about safety. It can also increase the risk of fraud or other illicit activity.
MetaMask, in a Twitter post, said Sardine’s payment system helps combat fraud. Sardine’s official portal says its developers built the fraud prevention and compliance infrastructure that scaled both Coinbase and Revolut. It claims its tech is able to detect 300% more fraud than other vendors, and users experience 90% less identity fraud than through other platforms. Moreover, the platform is confident about preventing and addressing fraud. Furthermore, it takes complete liability for any chargebacks or returns for other business clients using its services.
It should be noted that it’s unclear what liabilities apply to MetaMask users when moving money with Sardine, and whether the platform will be able to detect fraud on the crypto wallet.