MetaMask rolls out ‘Sell’ feature, allowing users to cash out crypto to fiat in-app

cyptouser7 months agoCryptocurrencies News197

MetaMask rolls out ‘Sell’ feature, allowing users to cash out crypto to fiat in-app

Popular Ethereum wallet MetaMask announced a “Sell” feature on Sept. 5 that will allow users to withdraw their cryptocurrency as cash.

That announcement indicates users can now sell cryptocurrency in their Metamask Portfolio for fiat currency. Once a user sells their crypto, they can send the converted funds to their bank account or to their PayPal balance.

The feature currently has limited availability but is available in major markets. Specifically, Sell is available in the U.S., the U.K., and parts of Europe. The feature supports each region’s local currency: the U.S. dollar, the British pound, and the euro.

Additionally, Sell only supports ETH-to-fiat conversions at present. Metamask said that the feature will be expanded to native gas tokens on layer-2 networks in the future.

Outside of Sell, MetaMask supports Ethereum and most ERC-20 tokens. It also supports many EVM-compatible networks, including Arbitrum, Optimism, BNB Chain (formerly Binance Smart Chain), Polygon, and Avalanche, as well as tokens on those networks. It is unclear which of those assets and networks Sell might eventually support.

Sell is part of MetaMask’s broader features

MetaMask’s new Sell feature is part of its Portfolio service, which provides enhanced features in addition to basic cryptocurrency holding and swapping.

Sell is specifically a counterpart to MetaMask’s existing Buy feature, which went live in April 2023. Current site information suggests that users can buy more than 75 tokens on 8 blockchains in numerous countries through this feature. Buy also supports a wider variety of payment options, as it accepts debit and credit card transfers, PayPal transfers, bank transfers, instant ACH transfers, and other transfer methods.

MetaMask suggested that these features together will provide users with a “self-sufficient web3 experience” and reduce the number of intermediaries that users must work with when buying and selling cryptocurrency. Typically, users must move cryptocurrency between wallets and exchanges in order to buy and sell crypto.

MetaMask is owned and developed by ConsenSys, a major Ethereum development firm. In 2022, MetaMask had over 30 million active users.


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Vitalik Buterin stirs market uncertainty with $1M Ethereum transfer to Coinbase

According to on-chain data, a wallet associated with Ethereum (ETH) co-founder Vitalik Buterin sent 600 Ether worth roughly $1 million to Coinbase earlier today.

The motive behind the transaction remains speculative as of press time. Usually, transfers to exchange are translated to mean an intention to sell. With Ethereum’s price recently struggling, Buterin’s transaction could further exert more selling pressure on the digital asset.

Meanwhile, on-chain sleuth Lookonchain reported that Vitalik.eth wallet repaid 251,000 RAI on DeFi platform Maker and withdrew 1,000 ETH (around $1.67 million) on Aug. 20.

The wallet known as “vitalik.eth” was created seven years ago and contained 3,993 ETH, worth $6.5 million as of press time. CryptoSlate, using the Arkham Intelligence dashboard, confirmed that the wallet belonged to the Ethereum co-founder. Other digital assets in the wallet include $84,000 worth of USD Coin (USDC) and $58,000 worth of Wrapped Ethereum (WETH).

This is not the first time Buterin would transfer assets to a crypto exchange. Earlier in the year, the Ethereum co-founder sent 200 ETH to Kraken in March. Around the same period, Buterin dumped several unsolicited altcoins (sh*tcoins) for 439.25 ETH.

ETH price struggling

Buterin’s transaction is coming on the heels of last Thursday’s crypto market flash crash. Last week, ETH’s price fell below $1700 for the first time since June and continued to trade under the mark as of press time.

According to CryptoSlate’s data, ETH traded at $1667 at the time of writing after a slight decline of 0.18% in the last 24 hours.

However, data from blockchain analytical firm Glassnode shows that Ethereum holders are jealously guarding their holdings as they rapidly send their assets off crypto exchanges. According to the data aggregator, the amount of ETH held on exchanges is 14.88 million, a level not recorded since 2018.

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