On September 5th, MetaMask, the crypto wallet provider, introduced its latest feature called ‘Sell,’ enabling users to effortlessly convert their cryptocurrencies into fiat currency. This new Portfolio Sell feature by MetaMask is designed for the swift conversion of cryptocurrencies into bank account balances or PayPal funds.
MetaMask Adds Fiat Selling Option
As of now, this feature is accessible exclusively in the United States, the United Kingdom, and select European regions. Consequently, users can only convert their cryptocurrencies into USD, GBP, or EUR within these regions. MetaMask has announced its intentions to expand its availability to more geographic areas to accommodate its global user base.
Initially, this function supports ETH (Ethereum) on the Ethereum Mainnet. However, MetaMask has ambitious plans to extend its support to native gas tokens on layer 2 networks in the near future.
MetaMask serves as an aggregator for a range of approved service providers, similar to what’s available through its ‘Buy’ feature. It’s important to note that not all U.S. states have full access to this feature; some states, like New York, were unavailable, while others provided various transfer options, including ACH Bank Transfer or MoonPay.
For users in the UK, available transfer options include Faster Payments, SEPA Bank Transfer, MoonPay, or Transak.
When users decide to sell ETH through MetaMask, they are redirected securely to the chosen provider’s website to complete the necessary account setup and link their fiat accounts before being directed back to the MetaMask Portfolio.
MetaMask Draws the Attention of Scammers
As one of the most widely-used cryptocurrency wallets globally, MetaMask is a prominent target for scammers.
Nonetheless, on September 6th, the platform clarified that these scams are not exclusive to MetaMask, stating: “Scams are a pervasive threat within the Web3 ecosystem, and we are continually dedicated to ensuring our users’ safety.“
These remarks came in response to reports indicating that purported MetaMask scammers had infiltrated government websites as part of their efforts to target cryptocurrency investors.
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