MetaMask introduces the “fiat-off-ramp” feature on the platform by allowing users to convert their ETH holdings to fiat currency.
On Tuesday, September 5, the popular cryptocurrency wallet MetaMask announced that it had launched a new feature that would allow users to sell ETH for fiat currency.
In a post on X (formerly Twitter) on September 5, MetaMask announced that users with crypto wallets connected to the Portfolio decentralized application could now convert their Ether (ETH) holdings, with the ticker currently at $1,632, into fiat currency and transfer it to their bank accounts.
This service is initially available for users in the United States, United Kingdom, and select parts of Europe. While the initial rollout focuses on ETH, MetaMask has plans to extend this functionality to “native gas tokens on layer 2 networks” in the future.
We are beyond thrilled to announce our latest feature: Sell.
Yes, you read that right. Available on MetaMask Portfolio, ‘Sell’ allows you to cash out your crypto for fiat currency easily.
🔗 Discover more at https://t.co/aaSgTswEMo pic.twitter.com/pJa1ZndLQA
— MetaMask 🦊💙 (@MetaMask) September 5, 2023
This groundbreaking development simplifies the conversion process and enhances the user experience by eliminating the need for cryptocurrency exchanges as intermediaries. Notably, this achievement comes just five months after MetaMask Portfolio introduced the option for users to buy cryptocurrencies using traditional fiat methods.
Previously, the wallet allowed deposits from bank accounts, PayPal, debit cards, and credit cards, effectively bridging the gap between digital and traditional assets. With this recent upgrade, the platform now offers a two-way channel for asset conversions, closing the loop in the process.
In blockchain terms, “fiat on-ramps” and “fiat off-ramps” refer to the pathways for converting conventional currency into cryptocurrency and back again. Before this feature launch, MetaMask primarily served as a “fiat on-ramp,” enabling users to transition their traditional money into the cryptocurrency realm. Now, with the introduction of the “fiat off-ramp” feature, it fulfills a crucial role in the ecosystem, providing a complete financial cycle that accommodates both entry and exit points for asset conversion.
MetaMask Seeks to Capture Larger Market Share
Previously, MetaMask unveiled partnerships with crypto on-ramp providers like MoonPay, Sardine, Transak, and Wyre. In March, the platform introduced a staking marketplace for its institutional clients.
As a popular crypto wallet among retail investors worldwide, MetaMask has frequently been a target for scammers and malicious actors.
This strategic move by MetaMask is likely designed to expand its market presence by catering to both newcomers and experienced cryptocurrency users. The addition of this selling feature not only streamlines asset management but also reinforces MetaMask’s position as a versatile and all-encompassing financial tool in the blockchain domain.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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