Cryptocurrency wallet MetaMask has announced the launch of a feature allowing users to sell Ether (ETH) for fiat currency.
In a Sept. 5 post on X — formerly Twitter — MetaMask said users with crypto wallets connected to the platform’s Portfolio decentralized application would be able to cash out ETH and send fiat to their bank accounts in the United States, United Kingdom, and parts of Europe. MetaMask said the initial rollout was limited to ETH, but planned to expand 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.
— MetaMask (@MetaMask) September 5, 2023
The sell feature came roughly five months after MetaMask launched a function allowing users to purchase cryptocurrencies using fiat from bank accounts, PayPal, and debit and credit cards. The platform said at the time it planned to roll out the ‘buy crypto’ service for more than 90 tokens to users in more than 189 countries.
MetaMask has previously announced partnerships with crypto on-ramp providers including MoonPay, Sardine, Transak and Wyre. In March, the platform launched a staking marketplace for its institutional clients.
The crypto wallet, used by many retail investors in various countries, has often been a target for scammers and bad actors. Cointelegraph reported on Sept. 5 that scammers had taken control of certain government websites in India, Nigeria, Egypt, Colombia, Brazil, and Vietnam in order to trick users into sending their personal information to fake MetaMask sites.