MetaMask , a crypto wallet, makes it easy for users to convert their fiat into cryptocurrency through an integration with Sardine fintech firm ConsenSys announced last week. MetaMask users can now fund their crypto wallets instantly via bank transfers, rather than waiting for traditional funds transfers to clear.
ConsenSys argued in a blog that instant ACH transfers via Sardine are more convenient than other methods.
Users will be able, through the MetaMask integration to convert their hard-earned money into more than 30 tokens up to Sardine’s daily transaction limit of $3,000.
However, instant purchases and conversions may raise concerns about safety. It is also possible that it could increase the risk of fraud or any other illegal activity.
“Sardine’s payment system helps fight fraud,” MetaMask wrote in its announcement on Twitter but didn’t say how.
The website of Sardine provides more context. It boasts that its developers have “built the fraud prevention infrastructure that scaled both Coinbase and Revolut” and that it can detect 30% more fraud than other vendors. Users also experience 90% less identity theft than those who use other platforms.
Sardine, the startup that claims it is confident in itability to preventnt and address fraud, has stated that it will take full responsibility for any charges or returns for business clients who use its services. It is also well-backed – last month, Sardine raised 51.5 million in Series B funding round. Andreessen Hoowitz led the charge.
It’s unclear what liabilities MetaMask users have when they move money with SardineIn addition, Sardine may not be able to detect fraud on crypto wallets.t. For example, if a hacker is able to access a wallet’s private keys and deposit funds from the linked account, this could result in Sardine being unable to detect fraud. Decrypt did not reach out to Sardine and MetaMask for comment.
