According to an announcement shared with Cointelegraph on March 25, TRX will now be available for purchase with fiat currency in the Metal Pay mobile application. Users can pay for the crypto asset via debit card or checking account.
Furthermore, Tron users can also earn up to 5% cashback in MTL, Metal Pay’s proprietary tokens, on eligible transactions for sending and receiving United States dollars. The platform also allows its users to exchange TRX for over 20 other cryptocurrencies including Bitcoin (BTC) and Ether (ETH).
Metal Pay is a fiat-to-crypto on-ramp that also allows users to send money. It is designed to be usable by people who are completely unfamiliar with cryptocurrency.
A Metal Pay spokesperson told Cointelegraph that signing up for the service requires identity verification since it involves creating a Federal Deposit Insurance Corporation-insured bank account. Accounts can purchase up to $3,000 per day, $12,000 per month or $40,000 per year.
The last of many fiat on-ramp partnerships
Partnerships meant to provide direct fiat on-ramps to cryptocurrencies, tokens, and platforms are becoming increasingly frequent. As Cointelegraph reported in late February, United Kingdom-based cryptocurrency lending startup, Celsius Network, added in-app crypto purchases.
During the same month, crypto exchange Binance also added 15 fiat currency options for purchasing cryptocurrencies on its trading platform.