Metamask Announces New Crypto to Fiat Feature 

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key takeaways:

  • MetaMask Portfolio has introduced a new sell feature, enabling users to exchange their ETH for fiat currency.
  • This selling capability follows MetaMask’s earlier feature that allowed users to buy cryptocurrencies using fiat from bank accounts.

MetaMask Portfolio is introducing a new feature complementing its “buy” functionality from earlier this year. Wallet owners can now easily convert their ether holdings into fiat currency with a simple button press, supporting US dollars, euros, and British pound sterling initially. 

This feature is currently accessible in the U.S., U.K., and select European regions, with plans to expand to a global audience.

Initially, the cash-out option is limited to ether (ETH) on the Ethereum mainnet, but MetaMask intends to extend this capability to other layer-2 networks and assets in the future. While users can transfer their converted fiat to their bank accounts, they can also choose to send it to their PayPal balance. 

MetaMask and PayPal forged a partnership last year to simplify crypto payments and enable easy cryptocurrency purchases for users. MetaMask, as a Web3 wallet provider, became the first to utilize PayPal for seamless on-ramp transactions. Initially, Ethereum was the sole token available for purchase on the MetaMask platform.

“Combined with the Buy feature, this enhancement empowers users to enjoy a self-sufficient Web3 experience with fewer intermediaries and quicker conversion of fiat directly to their chosen destination, such as a bank account or PayPal balance where available,” stated the blog post.

 “Ensuring accessibility for users to seamlessly enter and exit the world of crypto is crucial, and we believe these options will make Web3 more accessible to a broader audience.”

MetaMask has partnered with four established crypto-fiat off-ramp providers, including MoonPay, Transak, Sardine, and Banxa. These services will offer real-time quotes to users seeking to sell their ether. Once a user selects their preferred provider, they will be redirected to the provider’s website to link their bank account. 

After the transaction is confirmed within the user’s MetaMask wallet, the funds will become available in the linked account within a few days.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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