Quick take:
- MetaMask has launched a new feature that allows users to cash out their crypto to fiat.
- The Sell feature currently supports cashouts to USD, EUR, and GBP.
- The function is currently only available on the Ethereum Network but there are plans to expand to native layer-2 blockchains.
One of the biggest challenges the crypto industry faces is the process of cashing out crypto to fiat. Many platforms that support the crypto to fiat cashouts do this via peer-to-peer marketplaces that require users to be cautious about whom they trade with.
That could be about to change for the better.
MetaMask, the world’s most popular hot wallet has launched a new feature that allows users to cash out crypto to fiat. Dubbed, Sell, the feature will initially be available in the US, the UK and parts of the EU.
According to the announcement, revealed via the MetaMask X account, Sell will initially support the ETH on the Ethereum network, before expanding to other native layer-2 blockchains.
The feature will allow users to convert crypto into USD, GBP and EUR, which can be withdrawn directly to a local bank account or PayPal, depending on the jurisdiction.
MetaMask has plans to roll out the service to more countries worldwide, according to a statement on its website.
“Ensuring a way for users to enter and exit crypto freely is important and we hope these options make Web3 attainable to more people,” the company wrote on Tuesday.
The process of selling crypto for fiat requires one to link a fiat account to their MetaMask wallet portfolio.
Now with both the buy and sell feature in the MetaMask portfolio section, users can easily buy and sell any token without engaging intermediaries. Users will only need to sign up and link their bank account once with a specific provider, then buy and sell as the need arises.
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