MetaMask Unveils Crypto-to-Fiat Cashout Feature: Link Banks & PayPal
MetaMask, one of the most popular and widely used Ethereum-based crypto wallets, has recently announced its latest “Sell” feature in the portfolio section, which enables users to convert their digital crypto assets to traditional fiat currency.
While the concept of converting crypto to cash is not entirely new, MetaMask finally launched its “Sell” feature after recently launching its “Buy” feature, which allows users to purchase crypto using fiat from their bank accounts, PayPal, and debit or credit cards.
However, it’s important to note that, for now, these features are accessible exclusively to users in the United States, the United Kingdom, and selected regions of Europe.
MetaMask’s New Feature: “Sell”
On September 5, the company took to X (formerly Twitter) to make the announcement to launch their latest “sell” feature. This innovative move signifies MetaMask’s pivotal steps in creating a seamless channel for transitioning between digital and traditional financial assets.
With the introduction of the latest Sell feature, MetaMask provides its users with real-time conversion options, similar to the convenience offered by renowned wallets such as CashApp. This feature enables MetaMask users to effortlessly transform their cryptocurrency holdings into their preferred fiat currencies, all in accordance with the availability of this service within their respective regions.
Transaction fees
If we look at the transaction fees on the Sell feature, MetaMask has considered two fees when cashing out crypto: the gas fee for network transactions and a transaction fee to providers like Moonpay. So, the additional transaction fees are estimated to be around 8% of the total transaction.
How do I sell my crypto in the “MetaMask Portfolio”? (Cashing Out in Fiat Currency)
The “Sell” feature has been added in the Portfolio section of MetaMask ‘s decentralized app which allows users a simple way to liquidate their crypto holdings. Presently, this functionality is limited to Ethereum (ETH) on the Ethereum Mainnet, with options for conversion into fiat currencies such as USD, EUR, and GBP.
The following are the simple steps to take in order to use the new “Sell” feature to cash out crypto in fiat currency:
Step 1: Firstly, you need to connect your MetaMask wallet to “portfolio.metamask.io.”
Step 2: On the platform, hit the “Sell” tab to begin the process.
Step 3: Subsequently, select your region.
Step 4: Then, select the token and network you want to sell from (for example ETH on Ethereum)
Step 5: As per your preferences and availability in your region, select the fiat account destination such as a Bank account or PayPal.
Step 6: Now, enter the amount of cryptocurrency you want to sell (e.g., 0.5 ETH).
Step 7: Real-time displays of all quotes from the various providers will show up. Pick one to continue.
Step 8: You will then be securely redirected to the provider’s website to sign up and link your fiat account. After linking, you will be directed back to MetaMask Portfolio.
Step 9: After that, select “Send ETH to [Provider]” to send crypto from your wallet to your fiat account.
Step 10: Lastly, confirm the transaction in your MetaMask wallet. This is all you need to do to convert your cryptocurrency into fiat currency.
Note: You may also read Metamask’s official blog post to know more about the new feature for selling your cryptocurrencies.
Our take on this new feature
MetaMask’s “Sell” feature improves the usability and accessibility of cryptocurrencies while also introducing an independent Web 3 experience within the MetaMask ecosystem. It sets the stage for broad user adoption, underlining MetaMask’s crucial contribution to the development of the future of digital finance.
With such innovations, the bridge between traditional and digital assets grows stronger, ultimately paving the way for a more inclusive and integrated financial landscape.
