Sell Feature Introduced by MetaMask: Cash Out Your Crypto to Fiat
MetaMask, a popular Ethereum crypto wallet, has recently announced the launch of its new feature called ‘Sell.’ This feature, located in the MetaMask Portfolio section, enables you to sell your cryptocurrencies for fiat currency.
On September 5, MetaMask unveiled the Sell feature, providing users with a convenient way to convert their crypto assets into fiat currency.
Crypto to USD, GBP, or EUR
MetaMask’s Portfolio Sell feature allows for faster conversion of fiat currency to bank accounts or PayPal balances. However, it is currently only available in the US, UK, and certain parts of Europe. Therefore, the supported fiat currencies for selling are USD, GBP, and EUR. MetaMask aims to expand its availability to cater to its global user base.
In its initial release, the Sell feature supports ETH on Ethereum Mainnet. However, MetaMask plans to extend its support to native gas tokens on layer 2 networks in the near future.
Similar to its Buy function, MetaMask aggregates a variety of trusted providers for the Sell feature.
“Using the Buy and Sell features in MetaMask Portfolio allows you to go full circle in your crypto and fiat journey, with many of the same providers.”
During our testing, not all states in the US were supported by the Sell feature. New York was unavailable, and other states offered transfer options such as ACH Bank Transfer or MoonPay. For UK users, Faster Payments, SEPA Bank Transfer, MoonPay, or Transak options were available.
When selling ETH, users are securely redirected to the provider’s website to sign up and link their fiat accounts, and then directed back to MetaMask Portfolio.
Currently, KYC (know-your-customer) verification is not required by MetaMask. However, this may change if the platform collaborates with banks in the future.
MetaMask has previously partnered with fiat on/off-ramp providers like MoonPay, Sardine, Transak, and Wyre. In May, the wallet introduced Ethereum purchases via PayPal for its American users.
MetaMask: A Target for Scammers
Being one of the most popular crypto wallets worldwide also makes MetaMask an attractive target for scammers.
However, MetaMask emphasized that these scams are not exclusive to their platform. They acknowledged that scams are a common threat in the Web3 ecosystem, and they continuously strive to ensure user safety.
Recent reports alleged that MetaMask scammers compromised government websites to target cryptocurrency investors. These scams redirected users to fraudulent websites posing as MetaMask, prompting them to download a fake MetaMask APK file that allowed the scammers to gain remote control over the device.
Hot Take: MetaMask’s Sell feature provides users with a convenient way to convert their cryptocurrencies into fiat currency. However, the limited availability of this feature and the potential expansion to native gas tokens on layer 2 networks indicate MetaMask’s commitment to enhancing accessibility and functionality for its global user base. While MetaMask’s popularity makes it a prime target for scammers, the platform remains dedicated to ensuring user safety in the Web3 ecosystem.
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