MetaMask ‘Sell’ feature turns ether into cash

The direct fiat off-ramp is only available for users in the US, UK and parts of Europe

September 5, 2023 01:08 pm

Velishchuk Yevhen/Shutterstock modified by Blockworks

MetaMask Portfolio is rolling out a new feature that will act as a companion to the “buy” functionality launched earlier this year.

Now, MetaMask wallet owners can cash out of their ether with the press of a button, converting their holdings into fiat currency. For now, US dollars, euros, and British pound sterling are supported.

Initially, only ether (ETH) on Ethereum mainnet could be cashed out, but MetaMask has plans to expand to other layer-2 networks and assets. MetaMask didn’t elaborate on which layer-2s and tokens it plans to support next or on what timetable.

Blockworks reached out to MetaMask for comment.

Per a Tuesday blog post, users in the US, the UK and parts of Europe can direct the cash proceeds from their ETH sale to a linked PayPal account or a bank account.

There are four known crypto-fiat off-ramps that MetaMask is working with, including MoonPay, Transak, Sardine and Banxa.

Each of these services will offer real-time quotes to users who’d like to sell ether. Once a user selects their provider, they’ll be redirected to its website, where they’ll have to link their bank account.

After the transaction is confirmed in a user’s MetaMask wallet, funds will be available in the linked account within a few days.

MetaMask has been building out its portfolio platform for months now. Most recently, it debuted a swaps feature that aggregates token prices across numerous decentralized exchanges and lets users trade tokens.

Though as of late, MetaMask isn’t just targeting retail customers. It launched a new platform in March for companies and institutions interested in staking on Ethereum following the Merge.

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