Metamask Users Can Now Sell ETH for Fiat
MetaMask's new "Sell" feature allows users to easily convert their cryptocurrencies into fiat money, targeting bank accounts and PayPal balances.
MetaMask, one of the most popular Ethereum-based crypto wallets, has recently rolled out a new feature that allows users to sell their cryptocurrencies for fiat money. This feature, simply named "Sell," is a significant addition to the wallet's capabilities, offering a seamless way for users to cash out their digital assets.
The "Sell" feature is designed to facilitate the quick conversion of cryptocurrencies into fiat money, specifically targeting bank accounts and PayPal balances. Initially, this feature is available for Ethereum (ETH) on its mainnet, but MetaMask has plans to extend this functionality to other tokens, including those on Layer-2 networks.
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.
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As of now, the feature is available in the United States, the United Kingdom, and some parts of Europe. The fiat currencies currently supported are USD, GBP, and EUR. However, MetaMask has announced plans to expand the feature to more countries to cater to its global user base.
MetaMask has collaborated with various payment providers to facilitate this new feature. These include ACH Bank Transfer, MoonPay, and Transak. For UK users, additional options like Faster Payments and SEPA Bank Transfer are also available.
Interestingly, MetaMask currently does not require Know-Your-Customer (KYC) verification for its users. However, as the wallet continues to collaborate with banks and other financial institutions, the introduction of a KYC system may become inevitable.
In May, the wallet also enabled Ethereum purchases via PayPal for its American users. These previous functionalities and partnerships set the stage for the new "Sell" feature, making it a logical next step in MetaMask's evolution.