MetaMask crypto wallet has added the function of selling crypto for fiat
Date: 2023-09-06 Author: Karina Ziganova Categories: CRYPTO PAYMENTS
The popular cryptocurrency wallet MetaMask, powered by Ethereum, has announced a new feature - Sell. It allows users to sell cryptocurrencies for fiat
On September 5, cryptocurrency wallet provider MetaMask introduced the Sell feature, which makes it easy to sell cryptocurrencies for fiat.
Cryptocurrency in USD, GBP and EUR
MetaMask explained that the new Portfolio Sell feature allows you to quickly convert crypto funds into fiat to bank accounts or PayPal balances.
However, it is currently only available in the US, UK, and some European countries. Therefore, now cryptocurrency can only be sold for US dollars (USD), pounds sterling (GBP) and euros (EUR).
In the future, the company plans to expand its activities in other regions to meet the needs of the global community.
MetaMask added that the feature will also initially support ETH on the Ethereum mainnet. However, in the near future it is planned to expand this function to native tokens used to pay for gas in second-level networks (L2, layer-2).
The crypto wallet combines a number of trusted providers, similar to those available through the “Buy” function.
“The Buy and Sell functions in MetaMask Portfolio allow you to go full circle in your crypto and fiat journey using many of the same providers.”
Journalists based in the United States tried this feature, but it turned out that it is not available in all states. New York was unavailable, and other states 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 register and link fiat accounts, and then get back to MetaMask Portfolio.
Currently, MetaMask does not require KYC verification, but the situation may change if the company works with banks.
MetaMask has already announced partnerships with fiat providers such as MoonPay, Sardine, Transak and Wyre. In May, the cryptocurrency company launched the ability for its US users to buy Ethereum via PayPal.
Additionally, MetaMask was criticized in May for withholding taxes, which was denied by developer ConsenSys.
MetaMask is a target for scammers
Being one of the most popular cryptocurrency wallets in the world, MetaMask also attracts the attention of scammers.
However, on September 6, the platform stated that the scammers are targeting more than just MetaMask:
“They [rogues] are a common threat in the Web3 ecosystem and we are constantly working to keep users safe.”
The comments came in response to reports that scammers allegedly using MetaMask had hacked into government websites to target crypto investors.
The scammers redirected users to fraudulent websites posing as MetaMask, offering to download a fake MetaMask APK file that gave the attackers remote control over the device.
