MetaMask, the prominent cryptocurrency wallet, has revealed a new functionality enabling users to exchange Ethereum (ETH) for fiat currency.
In a September 5 announcement on X, MetaMask stated that individuals with crypto wallets linked to its Portfolio platform can convert Ether into fiat currency and transfer the funds to their bank accounts in the United States, United Kingdom, and select European regions.
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.
— MetaMask 🦊💙 (@MetaMask) September 5, 2023
MetaMask also mentioned that the initial launch will exclusively support ETH but intends to extend this feature to “native gas tokens on layer two networks” in upcoming developments.
Approximately five months after introducing a buying feature, MetaMask unveiled a new selling function, permitting users to sell cryptocurrencies and receive fiat funds directly from their bank accounts, PayPal, or debit and credit cards.
During the initial launch, MetaMask outlined its ambitious goal of extending the “buy crypto” service to encompass over 90 different tokens, making it accessible to users in more than 189 countries.
MetaMask’s Strategic Partnerships
MetaMask has actively engaged in strategic partnerships with several crypto on-ramp providers, further enhancing its ecosystem. Notable collaborations include ventures with MoonPay, Sardine, Transak, and Wyre.
These partnerships play a pivotal role in simplifying the process of converting between fiat currency and cryptocurrencies, solidifying MetaMask’s reputation as a user-friendly gateway into the digital asset realm.
In addition to these consumer-oriented features, MetaMask has demonstrated its commitment to addressing the needs of institutional clients.
In March, the platform introduced a specialized staking marketplace tailored to cater to the requirements of institutional investors, underscoring its dedication to serving a diverse spectrum of users, ranging from individual retail traders to sizable institutions.
Apart from the Sell feature, MetaMask offers support for Ethereum and a wide range of ERC-20 tokens.
Furthermore, it extends its compatibility to various EVM-compatible networks, such as Arbitrum, Optimism, BNB Chain, Polygon, and Avalanche, along with its associated tokens.