MetaMask, one of the world's most popular cryptocurrency wallets, has unveiled a significant new feature called 'Sell'. This will allow users to exchange their crypto holdings, specifically Ether (ETH), for traditional fiat currency. This move marks a notable step toward enhancing the functionality of MetaMask as more than just a crypto wallet.
With this feature, MetaMask users in the United States, the United Kingdom, and select European regions now have the capability to cash out their Ether holdings. Funds from the sale can be directed to linked PayPal accounts or traditional bank accounts. This development comes as an extension of MetaMask's 'buy crypto' service, which was introduced earlier this year. The feature facilitates the purchase of cryptocurrencies using fiat through various payment methods. Once again these includes bank accounts and PayPal.
The feature initially supports Ether on the Ethereum mainnet. However, MetaMask has outlined plans to include native gas tokens on Layer 2 networks in the near future. This expansion hints at a more diverse range of cryptocurrencies that users can cash out through MetaMask.
To execute a conversion from crypto to fiat, MetaMask has partnered with crypto-fiat off-ramp providers. Popular names include MoonPay, Transak, Sardine, and Banxa. These services will offer real-time price quotes to users. These will be then able to select their preferred provider and link their bank accounts for the transaction.
MetaMask's continuous expansion and enhancement of its portfolio platform have positioned it not only as a favored choice for retail customers but also as an appealing option for companies and institutions. Its recent introduction of a swaps feature, which enables users to trade tokens across decentralized exchanges, further demonstrates MetaMask's commitment to evolving its offerings.