Ethereum Wallet MetaMask Makes Waves: New Feature Allows Users to Sell ETH for Fiat

MetaMask cryptocurrency wallet users can now exchange their digital assets for fiat currency and transfer it to either a bank or a PayPal account. This enhancement follows MetaMask’s previous integration of a “purchase” function, and the withdrawal feature currently facilitates exchanges into United States dollars, euros, and British pounds.

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 pic.twitter.com/pJa1ZndLQA

— MetaMask 🦊💙 (@MetaMask) September 5, 2023

Until now, the functionality exclusively supports Ethereum’s ETH token on the Ethereum mainnet. MetaMask has hinted at intentions to expand this service to encompass ious layer-2 networks and a broader range of digital assets. However, they have not disclosed a precise timeline or strategy for such enhancements.

According to a blog post by MetaMask released on Tuesday, this feature is currently accessible in the United States, the United Kingdom, and select European regions. MetaMask’s web-based platform empowers users to convert their cryptocurrencies into US dollars, euros, and British pounds. The blog post also mentioned the company’s intentions to extend this service to additional regions to better serve its global user community.

The procedure entails the participation of third-party crypto-to-fiat service providers, specifically MoonPay, Transak, Sardine, and Banxa. This implies that users are required to navigate external platforms to finalize their transactions. These external service providers furnish instant quotations for individuals looking to convert their Ether into fiat currency.

Following the provider selection, users are directed to finalize the essential banking procedures after the provider selection. Following transaction confirmation within the MetaMask wallet, the funds should be visible in the linked account within a few days.

MetaMask’s Recent Expansion Efforts

Recent events indicate that MetaMask is consistently expanding its array of offerings. To illustrate, the digital wallet recently introduced a “swaps” feature that extracts token price data from ious decentralized exchanges to streamline trading.

Furthermore, they launched a platform tailored for corporate and institutional-level users in March, primarily focusing on Ethereum staking following the network’s “Merge” upgrade.

Boasting over 30 million active users each month, MetaMask is a highly favored Ethereum wallet and browser extension, compatible with Google Chrome, Brave, Edge, and Firefox. This tool establishes a bridge between internet browsers and Ethereum’s blockchain, allowing users to securely manage their keys and engage in transactions with exchanges and decentralized applications (dApps). These dApps encompass a broad spectrum, including decentralized financial protocols and cryptocurrency-based gaming platforms.

MetaMask introduced a streamlined Apple Pay feature in the previous month through a collaborative effort with Banxa, a fintech company specializing in fiat-to-crypto transactions. In addition, MetaMask introduced Metamask Learn in January, describing it as an educational simulation platform designed to enlighten the general populace about essential Web3 principles.

MetaMask’s Prominence Attracts Scammers

As one of the globe’s most widely used cryptocurrency wallets, MetaMask inevitably draws the attention of malicious actors seeking to deceive users.

Nonetheless, on September 6, the platform clarified that such fraudulent activities are not exclusive to MetaMask. This statement came in response to reports suggesting that individuals posing as MetaMask scammers had infiltrated government websites as part of a scheme to target cryptocurrency investors.

We are aware of the recent article on phishing scams targeting MetaMask users. These scams are not unique to MetaMask; they are a common threat in the web3 eco, and we are always working to keep users safe.

— MetaMask 🦊💙 (@MetaMask) September 6, 2023

In this scam, deceptive websites masquerading as MetaMask redirected users, compelling them to download a counterfeit MetaMask APK file. This fraudulent download ultimately granted the scammers remote access to the affected device.