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The complex onboarding process is a major hurdle for reaching the first billion crypto users, industry watchers told Cointelegraph.
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Ethereum-based cryptocurrency wallet MetaMask is expanding its fiat off-ramp services to support 10 additional blockchain networks. The move, in partnership with payments provider Transak, is aimed at simplifying the process of converting digital assets into traditional currency.
MetaMask users were previously forced to swap assets into Ether (ETH) tokens before being able to convert them into fiat money, adding extra steps and transaction fees.
However, as part of MetaMask’s ongoing partnership with Transak, the wallet will add support to a total of 10 new networks: the Arbitrum mainnet, Avalanche C-Chain mainnet, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism and Polygon.
The first four tokens to receive immediate off-ramping support include ETH on Ethereum, ETH on Optimisim, BNB (BNB) and the Polygon (POL) token. Support for the additional six networks will be gradually rolled out.
“By expanding off-ramping capabilities with Transak, MetaMask is removing barriers between crypto and traditional currency, allowing users to convert a broader range of tokens directly to cash,” said Lorenzo Santos, senior product manager at Consensys.
More intuitive crypto-to-fiat payment ramps may also encourage more crypto beginners to invest in cryptocurrency, as the complex onboarding process has also often intimidated mainstream users from buying digital assets.
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Crypto needs better on-ramping for the first billion users
MetaMask’s partnership with Transak is part of a broader effort to improve the accessibility of cryptocurrency transactions.
MetaMask is often the first point of contact for crypto beginners, and it’s essential to offer an intuitive fiat off-ramping solution for its user base, according to Sami Start, co-founder and CEO of Transak.
“User onboarding has always been a challenge in crypto, especially for newcomers,” Start told Cointelegraph, adding:
“While better on-ramping alone won’t instantly bring the first billion users, it’s a crucial step. The key is to provide users with a seamless way to move between Web2 and Web3, reducing complexity and building trust.”
The integration with Transak is intended to streamline transactions by removing unnecessary conversion steps that previously complicated the withdrawal process.
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Crypto onboarding process riddled with friction points
The current user onboarding process is complicated and riddled with friction points, which is the main issue hindering mass crypto adoption, according to Chintan Turakhia, senior director of engineering at Coinbase.
Speaking exclusively to Cointelegraph at EthCC, Turakhia said:
“If our goal is to bring in the next billion users — and let’s start with just 100 million — we have to take all those friction points out.”
Some of the most pressing friction points include setting up a wallet with a complicated seed phase, paying transaction fees and buying blockchain-native tokens to transact on a network.
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This article first appeared at Cointelegraph.com News
