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MetaMask has announced the addition of a new fiat feature on its portfolio. According to the announcement on the X app, users can now cash out their cryptocurrencies for fiat currency in their bank account by clicking on the new “Sell” feature.
MetaMask Sell Feature is Region Specific
Per the MetaMask published statement, “‘Sell’ enables you to convert your crypto to fiat, sending the funds to your bank account.”
The feature is currently available to users in the United States, the United Kingdom and some parts of Europe “initially supporting ETH on Ethereum mainnet, with plans to expand to native gas tokens on layer 2 networks soon.” Apart from getting the money in their respective bank accounts, users of the popular decentralized wallet could also send their converted fiat to their PayPal balance.
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.
🔗 Discover more at https://t.co/aaSgTswEMo pic.twitter.com/pJa1ZndLQA
— MetaMask 🦊💙 (@MetaMask) September 5, 2023
MetaMask and PayPal became partners last year to facilitate crypto payments, that is, to provide a simple and convenient way for users to purchase crypto. The crypto wallet infrastructure provider became the first Web3 wallet to leverage PayPal to drive successful on-ramp transactions. From inception, Ethereum was the only token available for purchase on MetaMask.
“This integration with PayPal will allow our U.S. users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem,” Lorenzo Santos, Product Manager for MetaMask said.
MetaMask On-Ramp Support Live in India
Shortly after its partnership with PayPal, MetaMask allowed Indian users to complete transactions using their banks.
This brought instant crypto access to India’s user base using the country’s flagship payments technology Unified Payments Interface (UPI). Before that time, the country’s massive crypto trading community were fully reliant on local crypto exchanges that were subject to harsh tax regimes.
Apart from the efficient crypto transactions which the MetaMask UPI support brought to India, it also made user experience faster and cheaper. It is also believed that this could go a long way in advancing the Web3.0 infrastructure in the country by introducing a radical shift in the small payments category, pushing the country’s digital infrastructure.
The addition of the “Sell” feature further underscores MetaMask plan to ease crypto transactions in more of the regions it is operational.
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