MetaMask Launches New Direct Sell Feature
MetaMask Portfolio has introduced a notable Sell feature, allowing users to easily convert their digital assets into fiat currencies like USD, EUR, and GBP.
This enhancement is designed to promote a more self-reliant Web3 experience by simplifying the conversion process and reducing reliance on intermediaries.
As outlined in a blog post released on Tuesday, MetaMask’s Sell feature aggregates various trusted providers, offering users immediate choices for converting their digital assets.
The process for selling cryptocurrencies is straightforward: Users connect their MetaMask wallet to the portfolio platform, specify their region, and choose the token and network they want to sell from.
They can then designate their preferred destination for fiat funds, such as a bank account or PayPal balance. Real-time quotes from different providers are presented, allowing users to choose the most advantageous option. Once confirmed, the transaction is securely redirected to the chosen provider’s website for finalization.
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
Currently, the Sell feature is available within the United States, the United Kingdom, and select European regions.
MetaMask plans to expand the availability of this service to cater to its global user base. In its initial phase, this feature exclusively facilitates the sale of ETH on the Ethereum Mainnet, with intentions to incorporate native gas tokens on layer 2 networks in the near future. However, MetaMask has not disclosed the specific layer-2 networks and tokens they will endorse or provided a timeline for these developments.
The introduction of the sell feature follows approximately five months after MetaMask unveiled a feature enabling users to buy cryptocurrencies with fiat currency through bank accounts, PayPal, and debit and credit cards. At that time, the platform announced its intentions to expand the “buy crypto” service to encompass over 90 tokens and make it accessible to users in over 189 countries.
This update is significant as MetaMask is arguably the most widely used tool for engaging with the decentralized ecosystem, especially decentralized exchanges and various decentralized finance (DeFi) protocols.
With the newfound capability to transfer funds from a self-custody wallet directly to a bank account, users can, in theory, experience a complete cryptocurrency journey without having to engage with centralized exchanges. This is especially noteworthy given the increasing scrutiny that centralized platforms have faced in recent months and years.
