- MetaMask now allows users to sell Ether (ETH) for fiat currency in the United States, United Kingdom, and parts of Europe.
- This feature expands their previous function, enabling users to buy cryptocurrencies using fiat from bank accounts, PayPal, and debit/credit cards.
- MetaMask plans to expand its services further to include “native gas tokens on layer 2 networks” in the future and has partnered with various crypto on-ramp providers.
On Tuesday, the popular Ethereum wallet MetaMask introduced a “Sell” option that will enable users to withdraw their cryptocurrency as cash.
According to the release, users can now trade cryptocurrencies in their Metamask Portfolio for fiat currency. Users can transfer the proceeds to their bank account or PayPal balance when they sell their cryptocurrency.
The feature is currently limited in availability; however, it is available in major markets. Sell is specifically available in the United States, the United Kingdom, and some parts of Europe. The functionality supports the local currency of each region: the US dollar, the British pound, and the euro.
Furthermore, Sell currently only enables ETH-to-fiat conversions. Metamask stated that the feature will be enhanced in the future to include native gas tokens on layer-2 networks.
Aside from Sell, MetaMask supports Ethereum and the majority of ERC-20 tokens. It also supports numerous EVM-compatible networks and coins, including Arbitrum, Optimism, BNB Chain (previously Binance Smart Chain), Polygon, and Avalanche. It’s unclear which of those assets and networks Sell will eventually back.
Sell is one of MetaMask’s Many Features
The new Sell option from MetaMask is part of the company’s Portfolio service, which provides additional features in addition to primary cryptocurrency holding and trading.
Sell directly replaces MetaMask’s existing Buy feature, launched in April 2023. According to current site information, customers can use this feature to purchase more than 75 tokens across eight blockchains in various nations.
Buy also offers a broader range of payment methods, including debit and credit card transfers, PayPal transfers, bank transfers, quick ACH transfers, etc.
According to MetaMask, these capabilities would provide users with a “self-sufficient web3 experience” and limit the number of intermediaries that users must work with when buying and selling cryptocurrency. Users must typically move cryptocurrency between wallets and exchanges to purchase and sell Bitcoin.
ConsenSys, a leading Ethereum development corporation, owns and develops MetaMask. MetaMask had approximately 30 million active users in 2022.
MetaMask has previously partnered with cryptocurrency on-ramp providers such as MoonPay, Sardine, Transak, and Wyre. The platform established a staking marketplace for its institutional clients in March.