MetaMask, the Ethereum wallet, has introduced a new feature that enables users to sell their ETH for fiat currency and withdraw it as cash. This feature is an extension of the MetaMask portfolio, and it comes a few months after the wallet allowed users to purchase crypto using fiat from bank accounts. According to MetaMask, the new feature will allow users with crypto wallets connected to its Portfolio decentralized application to cash out their ETH and send the fiat to bank accounts in the United States, United Kingdom, and several regions of Europe. Although the initial rollout is limited to ETH, MetaMask plans to expand the service to include "native gas tokens on Layer-2 networks" in the near future. MetaMask's new sell feature sells ETH for fiat.
“We are beyond thrilled to announce our latest feature: Sell. Yes, you read that right. Available on MetaMask Portfolio, ‘Sell’ allows you to cash out your crypto for fiat currency easily.”
Sell is a feature that is currently available in select markets and supports the local currency of each region where it is available. MetaMask also supports Ethereum and most ERC-20 tokens, along with several EVM-compatible networks like Optimism, Arbitrum, BNB Chain (previously known as Binance Smart Chain), Avalanche, and Polygon. Additionally, it supports the tokens on these networks. However, the assets that Sell may support in the future are still being determined.
MetaMask's new sell feature sells ETH for fiat. Part Of MetaMask’s Portfolio Service
MetaMask's Portfolio service offers users enhanced features beyond basic crypto holding and swapping. The new Sell feature is a counterpart to the existing Buy feature, which allows users to purchase over 75 tokens on 8 different blockchains in several countries. The Buy feature supports a variety of payment options, including debit and credit cards, PayPal transfers, bank transfers, ACH transfers, and other payment methods.
The MetaMask team aims to provide users with a self-sufficient Web-3 experience and reduce the number of intermediaries involved in buying or selling crypto. Traditionally, users have had to move crypto between wallets and cryptocurrency exchanges when they want to buy, sell, or trade.
MetaMask has partnered with several crypto on-ramp providers, including Sardine, Wyre, MoonPay, and Transak, to simplify access to and management of solo staking for institutional clients. Developed by ConsenSys, MetaMask is popular among retail investors in multiple countries but is also a common target of scammers and other bad actors. In September 2021, scammers took control of some government websites in India, Colombia, Brazil, Nigeria, and Vietnam and tricked users into sending their personal information to fake MetaMask websites.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comments