MetaMask rolls out ‘Sell’ feature, allowing users to cash out crypto to fiat in-app
The feature is part of Metamask Portfolio and provides a crypto-to-fiat off-ramp via PayPal or bank transfer.
That announcement indicates users can now sell cryptocurrency in their Metamask Portfolio for fiat currency. Once a user sells their crypto, they can send the converted funds to their bank account or to their PayPal balance.
The feature currently has limited availability but is available in major markets. Specifically, Sell is available in the U.S., the U.K., and parts of Europe. The feature supports each region’s local currency: the U.S. dollar, the British pound, and the euro.
Additionally, Sell only supports ETH-to-fiat conversions at present. Metamask said that the feature will be expanded to native gas tokens on layer-2 networks in the future.
Outside of Sell, MetaMask supports Ethereum and most ERC-20 tokens. It also supports many EVM-compatible networks, including Arbitrum, Optimism, BNB Chain (formerly Binance Smart Chain), Polygon, and Avalanche, as well as tokens on those networks. It is unclear which of those assets and networks Sell might eventually support.
Sell is part of MetaMask’s broader features
MetaMask’s new Sell feature is part of its Portfolio service, which provides enhanced features in addition to basic cryptocurrency holding and swapping.
Sell is specifically a counterpart to MetaMask’s existing Buy feature, which went live in April 2023. Current site information suggests that users can buy more than 75 tokens on 8 blockchains in numerous countries through this feature. Buy also supports a wider variety of payment options, as it accepts debit and credit card transfers, PayPal transfers, bank transfers, instant ACH transfers, and other transfer methods.
MetaMask suggested that these features together will provide users with a “self-sufficient web3 experience” and reduce the number of intermediaries that users must work with when buying and selling cryptocurrency. Typically, users must move cryptocurrency between wallets and exchanges in order to buy and sell crypto.
MetaMask is owned and developed by ConsenSys, a major Ethereum development firm. In 2022, MetaMask had over 30 million active users.