Popular Ethereum crypto wallet MetaMask has announced a new feature called simply called ‘Sell.’ The new feature in the MetaMask Portfolio section allows users to sell crypto for fiat.
On September 5, crypto wallet provider MetaMask unveiled its Sell feature, allowing users to easily cash out crypto for fiat currency.
Crypto to USD, GBP, or EUR
MetaMask explained that its new Portfolio Sell feature allows for faster fiat conversion to bank accounts or PayPal balances.
However, it is currently only available in the US, UK, and parts of Europe. Therefore, the only fiat currencies available to sell to are USD, GBP, and EUR.
MetaMask has plans to expand to more regions to cater to its worldwide community, it stated.
It added that the function also initially supports ETH on Ethereum Mainnet. However, there are plans to expand to native gas tokens on layer 2 networks soon.
The crypto wallet aggregates an array of vetted providers, similar to those available through its ‘Buy’ function.
“Using the Buy and Sell features in MetaMask Portfolio allows you to go full circle in your crypto and fiat journey, with many of the same providers.”
Not all states in the US were supported when BeInCrypto tried the function. New York was unavailable, and others offered transfer options, including ACH Bank Transfer or MoonPay.
For UK users, Faster Payments, SEPA Bank Transfer, MoonPay, or Transak options were available.
When selling ETH, users are securely redirected to the provider’s website to sign up and link fiat accounts, then directed back to MetaMask Portfolio.
MetaMask currently does not require KYC (know-your-customer) but this may well change if it is dealing with banks.
MetaMask has previously announced partnerships with fiat on/off-ramp providers such as MoonPay, Sardine, Transak, and Wyre. In May, the crypto waller rolled out Ethereum purchases via PayPal for its American users.
Moreover, MetaMask was also criticized for withholding tax implications in May, which developer ConsenSys denied.
Read more: 13 Best No KYC Crypto Exchanges in 2023
MetaMask a Target For Scammers
Being one of the world’s most popular crypto wallets also makes MetaMask a massive bullseye for scammers.
However, on September 6, the platform stated that these scams are not unique to MetaMask:
“They are a common threat in the Web3 ecosystem, and we are always working to keep users safe.”
The comments were in response to reports that alleged MetaMask scammers had compromised government websites to target cryptocurrency investors.
The scam redirected users to fraudulent websites impersonating MetaMask that prompted a download of a fake MetaMask APK file which granted the scammers remote control of the device.
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