MetaMask Portfolio now allows users to seamlessly exchange Ethereum (ETH) holdings for select fiat currencies, expanding its array of financial services.
MetaMask, the renowned digital wallet service, has introduced (1) an innovative “sell” feature, empowering users to effortlessly convert their Ethereum (ETH) holdings into specific fiat currencies.
Broadening Financial Services
This introduction follows MetaMask’s earlier inclusion of a “buy” function within its offerings. The cash-out option currently facilitates conversions into three major fiat currencies: US dollars, euros, and British pounds.
Evolving Beyond Ethereum Mainnet
While the “sell” feature is currently limited to ETH on the Ethereum mainnet, MetaMask has ambitious plans to extend this service to encompass other layer-2 networks and digital assets. However, they have not yet disclosed a detailed roadmap for these expansions.
Availability and Integration
Presently, the “sell” option is accessible to users in select geographic regions, including the United States, the United Kingdom, and various European countries. Users are provided with the flexibility to transfer the proceeds to either a PayPal account or a conventional bank account.
Third-Party Crypto-to-Fiat Providers
To facilitate these transactions, MetaMask has partnered with third-party crypto-to-fiat service providers, including MoonPay, Transak, Sardine, and Banxa. Users are seamlessly directed to these external platforms to complete their cash-out transactions.
Real-Time Quotes and Transaction Process
These third-party providers offer real-time quotes, ensuring users receive current market rates when converting their Ether. After selecting a provider, users are redirected to finalize the necessary banking procedures. Typically, the funds should reflect in the linked account within a few days after the transaction’s confirmation within the MetaMask wallet.
MetaMask’s recent initiatives indicate a steady expansion of its service offerings. Beyond the “sell” feature, they’ve also introduced a “swaps” function that aggregates token prices from various decentralized exchanges to simplify trading. Moreover, they’ve launched a platform tailored for businesses and institutional users, focusing on Ethereum staking in the aftermath of the network’s “Merge” upgrade.
