MetaMask Brings Ethereum to Fiat Trading

MetaMask Portfolio has unveiled a new “sell” feature that allows users to convert their holdings into selected fiat currencies. Known for its digital wallet services, MetaMask now enables users to convert their Ethereum (ETH) holdings into various fiat options.

This new feature follows the previous introduction of a “buy” function. Currently, the cash-out option supports conversions into US dollars, euros, and British pounds.

At present, the feature is limited to ETH on the Ethereum mainnet. MetaMask has indicated intentions to expand the service to other layer-2 networks and digital assets, though specific details regarding this expansion have not been disclosed.

The sell option is accessible to users in certain regions, including the U.S., the U.K., and various European countries. Users can transfer the proceeds to either a PayPal account or a bank account.

The process involves utilizing third-party crypto-to-fiat service providers such as MoonPay, Transak, Sardine, and Banxa, meaning users will need to navigate through external platforms to finalize their transactions.

These third-party providers give real-time quotes for users looking to cash out their Ether. After selecting a provider, users are redirected to make the necessary banking arrangements. Funds are generally expected to appear in the linked account a few days after transaction confirmation in the MetaMask wallet.

MetaMask has been progressively expanding its range of services. For instance, they recently launched a “swaps” feature that sources token prices from multiple decentralized exchanges to facilitate trades. Additionally, a platform catering to businesses and institutional users was introduced in March, focusing on Ethereum staking following the network’s “Merge” upgrade.