MetaMask has unveiled an exciting addition to its portfolio – a “sell” feature that empowers users to effortlessly convert their Ethereum (ETH) holdings into select fiat currencies. This move follows the successful integration of a “buy” function, further expanding MetaMask’s utility and versatility.
‘Sell’ enables you to convert your crypto to fiat, sending the funds to your bank account.
The feature is currently available in the US, UK, and parts of Europe initially supporting ETH on Ethereum mainnet, with plans to expand to native gas tokens on layer 2 networks soon.
The newly introduced “sell” feature provides MetaMask users with the ability to convert their ETH holdings into popular fiat currencies, including US dollars, euros, and British pounds. While this feature is currently limited to ETH on the Ethereum mainnet, MetaMask has hinted at its intentions to extend this service to other layer-2 networks and digital assets in the future, although no specific timeline has been disclosed.
Notably, the “sell” feature is initially available to users in specific geographic regions, including the United States, the United Kingdom, and select European countries. Users can conveniently direct the proceeds of their sales to either a PayPal account or a bank account.
Partnership with Crypto-to-Fiat Providers
The process involves the collaboration of third-party crypto-to-fiat service providers, including MoonPay, Transak, Sardine, and Banxa. Users will need to navigate through these external platforms to complete their transactions seamlessly. These third-party providers offer real-time quotes for individuals interested in cashing out their Ether. Once a provider is selected, users are redirected to finalize the necessary banking arrangements. Subsequently, the funds are expected to appear in the linked account within a few days following transaction confirmation within the MetaMask wallet.
MetaMask has been steadily expanding its range of services in recent times. In addition to the “sell” feature, the digital wallet introduced a “swaps” feature, which aggregates token prices from various decentralized exchanges to facilitate effortless trades for users. Moreover, in March, MetaMask launched a platform tailored for businesses and institutional-level users. This platform is specifically designed for Ethereum staking, taking advantage of the network’s significant “Merge” upgrade. This move further underscores MetaMask’s commitment to providing innovative and user-friendly solutions in the rapidly evolving world of cryptocurrency and blockchain technology.