Decentralized wallet provider Metamask continues to work on making seamless money transfer possible. Accordingly, it introduced a new crypto-to-fiat transfer feature. Users will now be able to cash out Ethereum for fiat currency with the new “Sell” feature.
MetaMask launches sell feature for leading altcoin
cryptocoin.com As you follow, MetaMask previously allowed the wallet to purchase crypto using fiat money from users’ bank accounts, PayPal, and debit and credit cards. Now, MetaMask’s selling feature in Portfolio came about five months after this move. In this context, MetaMask announced the launch of a feature that allows users to sell ETH.
MetaMask said in a post on X on September 5 that users with crypto wallets connected to the platform’s Portfolio decentralized app will be able to cash out ETH and send fiat to bank accounts in the US, UK and parts of Europe. The crypto wallet noted that the initial rollout was limited to ETH. However, it did state that it plans to expand to “local gas tokens on tier 2 networks” in the future.
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
Crypto wallet continues to forge important partnerships
MetaMask and PayPal partnered last year to facilitate crypto payments. Thus, they provided a simple and convenient way for users to purchase crypto. The crypto wallet infrastructure provider became the first Web3 wallet to leverage PayPal to run successful on-ramp transactions. From the beginning, Ethereum was the only altcoin that could be purchased through the crypto wallet.
“This integration with PayPal will allow our users in the US to easily explore the Web3 ecosystem as well as seamlessly purchase crypto through MetaMask,” said Lorenzo Santos, Product Manager at MetaMask. The crypto wallet has previously announced partnerships with crypto-ramp providers such as MoonPay, Sardine, Transak, and Wyre. Also, in March, the platform launched a staking marketplace for its institutional clients.
MetaMask on-ramp support is live in India
Shortly after the PayPal partnership, MetaMask allowed Indian users to complete transactions using their bank. This was the move to use the country’s flagship payment technology, Unified Payments Interface (UPI). Thus, the crypto wallet brought instant crypto access to India’s user base. Before then, the country’s huge crypto trading community was completely dependent on local crypto exchanges, which were subject to harsh tax regimes.
Along with the efficient crypto transactions that MetaMask UPI support has brought to India, it has also made the user experience faster and cheaper. This created a radical shift in the small payments category. It also strained the country’s digital infrastructure. Thus, it reinforced the belief that it could go a long way in advancing the Web3.0 infrastructure in the country. The addition of the “sell” feature also highlights the plan to facilitate crypto transactions in regions where the crypto wallet operates.
