MetaMask, the popular Ethereum wallet, has introduced a new feature that allows users to easily convert their cryptocurrency into fiat money. The “Sell” option currently supports ether (ETH) and is available to users in the United States (with certain state restrictions), the United Kingdom, and selected European markets.
Supported Fiat Currencies and Accounts
Users can cash out to U.S. dollars (USD), British pounds (GBP), and euros (EUR). Depending on location, the fiat amount can be sent to a bank account or a PayPal balance. “We’re initially supporting ETH on Ethereum Mainnet, with plans to expand to native gas tokens on layer 2 networks soon,” the team stated on Tuesday.
How to Sell
To sell crypto, users need to connect a MetaMask wallet to the MetaMask Portfolio decentralized application (dapp). After clicking the “Sell” tab, they select their region, the token to sell, and a fiat account destination. They then enter the crypto amount and are presented with real-time quotes from vetted providers. The user chooses a provider, is redirected to sign up and link a fiat account, then returns to MetaMask Portfolio to send the ETH and confirm the transaction in their wallet.
One-Time Setup
Buying and selling requires only one-time registration and linking of a bank account with a trusted provider. The service aims to provide “a self-sufficient web3 experience with fewer intermediaries.” Consensys, the company behind MetaMask, has been expanding wallet features. In October 2022, it added bank-to-crypto transfers through ACH settlement merchant Sardine, enabling instant crypto purchases without settlement delays.
Future Plans
The team intends to gradually add more regions and expand support to additional tokens and networks, further improving on-ramp and off-ramp experiences.