Ethereum wallet MetaMask has announced the rollout of a new sell feature that will allow users to sell their ETH for fiat currency and withdraw it as cash.
The new feature is part of the MetaMask portfolio and comes a few months after wallet users were allowed to purchase crypto using fiat from bank accounts.
A New MetaMask Feature
MetaMask announced the new feature in a post on X (formerly Twitter) on the 5th of September. MetaMask stated in the post that the new feature would allow users that have crypto wallets connected to its Portfolio decentralized application will be able to cash out their ETH. They could then send the fiat from cashing out their ETH to bank accounts in the United States, United Kingdom, and several regions of Europe. While 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.
“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.”
While the new feature is available in limited markets, it supports the local currency of each of the regions in which it is available in. Looking outside the Sell feature, MetaMask supports Ethereum and most of the ERC-20 tokens in the market. It also supports several EVM-compatible networks such as Optimism, Arbitrum, BNB Chain (formerly Binance Smart Chain), Avalanche, and Polygon. It also supports the tokens on these networks. However, as of now, it is still being determined which of the assets Sell may support in the future.
Part Of MetaMask’s Portfolio Service
The new Sell feature is a part of Metamask’s Portfolio service. The Portfolio service provides users with enhanced features apart from basic ones, such as crypto holding and swapping. More specifically, the Sell feature is a counterpart to MetaMask’s already existing Buy feature. This feature went live in April 2023. As per the currently available information, users can purchase over 75 tokens on 8 different blockchains in several countries using the Buy feature.
The Buy feature also supports a host of payment options, such as debit and credit cards, PayPal transfers, bank transfers, ACH transfers, and several other payment methods.
The MetaMask team hopes these features can give users a self-sufficient Web-3 experience and also cut down the number of intermediaries that users have to go through when purchasing or selling crypto. Generally, users are required to move crypto between wallets and cryptocurrency exchanges when they wish to buy, sell, or trade.
MetaMask’s Previous Partnerships
MetaMask has announced several partnerships with crypto on-ramp providers in the past. These include platforms such as Sardine, Wyre, MoonPay, and Transak. Back in March, MetaMask had announced the launch of a staking marketplace for its institutional clients. The marketplace would simplify access to and management of solo staking, enabling institutions to become Ethereum network validators.
MetaMask has been developed by ConsenSys and is hugely popular among retail investors in several countries. However, it is also a popular target of scammers and other bad actors. On the 5th of September, it was reported that scammers had taken control of some government websites in countries such as India, Colombia, Brazil, Nigeria, and Vietnam and were tricking 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.
