MetaMask Introduces New Sell Feature for Easy ETH Cash Out
MetaMask, the Ethereum wallet, has recently unveiled a new feature that allows users to sell their ETH for fiat currency and withdraw it as cash. This addition comes after the wallet’s previous update, which enabled users to purchase crypto using fiat from their bank accounts.
A Breakdown of the New MetaMask Feature
MetaMask’s announcement on September 5th revealed that users with crypto wallets connected to its Portfolio decentralized application can now easily cash out their ETH. They can then transfer the fiat to bank accounts in the United States, United Kingdom, and selected European regions. Although the initial release is limited to ETH, MetaMask has plans to expand the service to include “native gas tokens on Layer-2 networks” in the near future.
“We are excited to introduce our latest feature: Sell. Yes, you heard it right. Available on MetaMask Portfolio, ‘Sell’ enables you to effortlessly convert your crypto to fiat currency.”
While the new feature is currently available in limited markets, it supports the local currency of each region. In addition to the Sell feature, MetaMask also supports Ethereum and most ERC-20 tokens, as well as various EVM-compatible networks like Optimism, Arbitrum, BNB Chain, Avalanche, and Polygon. The support for tokens on these networks is being evaluated for future integration with the Sell feature.
Enhancing MetaMask’s Portfolio Service
The Sell feature is an integral part of MetaMask’s Portfolio service, which offers advanced functionalities beyond basic crypto holding and swapping. It serves as a counterpart to the existing Buy feature, which was launched in April 2023. Currently, the Buy feature allows users to purchase over 75 tokens across eight different blockchains in multiple countries.
The Buy feature also supports various payment options such as debit and credit cards, PayPal transfers, bank transfers, ACH transfers, and other methods. By providing these features, MetaMask aims to offer users a self-sufficient Web-3 experience and reduce the reliance on intermediaries for crypto transactions.
MetaMask’s Collaborations and Security Concerns
MetaMask has previously partnered with crypto on-ramp providers like Sardine, Wyre, MoonPay, and Transak. Additionally, in March, MetaMask introduced a staking marketplace for institutional clients, simplifying access to solo staking and enabling institutions to become Ethereum network validators.
While MetaMask is popular among retail investors worldwide, it also attracts scammers and bad actors. On September 5th, it was reported that scammers had compromised government websites in countries like India, Colombia, Brazil, Nigeria, and Vietnam to deceive users into sharing their personal information on fake MetaMask websites.
Hot Take:
MetaMask’s new Sell feature empowers users to easily convert their ETH into fiat currency, adding convenience and accessibility to the crypto market. However, its popularity also makes it a target for scammers, emphasizing the importance of staying vigilant and verifying website authenticity before sharing personal information.
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