Leading crypto wallet MetaMask has announced an integration with fiat and crypto settlement platform Sardine, which allows users in the US to buy crypto with bank funding through Sardine's instant ACH settlement solution on MetaMask. Sardine's ACH-to-crypto solution will enable orders to complete in minutes and works on holidays. Sardine's platform features a robust compliance and fraud prevention infrastructure used behind the scenes by existing crypto providers like FTX, MoonPay, Blockchain.com, and Autograph. The company is a leader in real-time fraud detection and allows users to move money faster and safer through its ACH-to-crypto solution.
This method of buying crypto directly from a bank account is expected to work much better as compared to using cards for payments. That's because they are often declined by the bank. Plus, unlike regular ACH payments, Instant ACH is completed within minutes and also works during bank holidays. Users are required to comply with Sardine's KYC process, which Metamask also has to follow. Then users can purchase crypto up to $3,000 (roughly Rs. 2.47 lakh) in a day, $5,000 (roughly Rs. 4.11 lakh) a week, and $25,000 (roughly Rs. 20.5 lakh) monthly. The limits have been set to ensure scams and frauds are minimised.
For Sardine, this partnership would be one more achievement in its roadmap. Recently, the team raised $51.5 million (roughly Rs. 424 crore) in a Series B funding led by the crypto-friendly venture capital firm a16z and backed by other big names in the industry like Visa and Google Ventures. ConsenSys, the blockchain technology company behind Metamask, also participated in Sardine's funding round.
Speaking to TechCrunch after its Series B fundraise announcement, Sardine CEO and co-founder Soups Ranjan claimed that Sardine has grown considerably since it announced the Series A in February this year, growing its roster of clients from 50 to 135.
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