MetaMask Adds New Bank and PayPal Cash-Out Feature
MetaMask, the world’s largest crypto wallet (and internet browser extension) finally introduced a way for users in the United States, Europe, and the United Kingdom to quickly convert their crypto holdings into fiat currencies (USD, GBP, UK).
Through the new “Sell” feature, MetaMask users are presented with real-time options, similar to how it works with Venmo or Cash App, to convert their Ethereum holdings (ETH) into their preferred fiat currencies – assuming they are available in their region. All they have to do is go to MetaMask and access the platform’s Portfolio section.
This new feature comes just five months after MetaMask launched a feature that allows users to purchase crypto using fiat from their bank accounts, PayPal, and debit/credit cards.
With over 22 million users, MetaMask has remained an industry-leading crypto wallet that (for the most part) is pretty navigable for those who have some basic knowledge or experience in the crypto landscape.
It’s worth noting that the new “Sell” feature is limited to some state restrictions in the US, the UK, and select parts of Europe. However, MetaMask says that it has future plans to expand this service to more regions in order to better cater to its global user base, according to its blog post.
How to “Cash Out”
To utilize the new “Sell” feature, MetaMask users must:
Connect their MetaMask wallet to portfolio.metamask.io.
Click on the “Sell” tab to initiate the process.
Select their region.
Choose the token and network they want to sell (e.g., ETH on Ethereum).
Select a fiat account destination available in their location (e.g., bank account or PayPal balance).
Enter the amount of cryptocurrency they want to sell (e.g., 0.5 ETH).
Real-time quotes from various available providers will be presented.
Users can select one provider to proceed with.
They will be securely redirected to the provider’s website to sign up and link their fiat account, then directed back to MetaMask Portfolio.
Users can select “Send ETH to [Provider]” to initiate the transfer from their wallet to their fiat account.
Confirm the transaction in their MetaMask wallet.
Similar to crypto transactions, MetaMask users will also have the ability to track their order’s progress in the “Sell” tab, subject to processing times depending on the chosen provider. Depending on the user’s financial institution, it may take a few days for funds to reflect in the user’s bank account.
The Cash-Out Fee
It is also worth noting that MetaMask users now have to consider two fees when cashing out crypto: the gas fee for network transactions and a transaction fee to providers like Moonpay. In a U.S. demonstration, a withdrawal of 0.05 ETH resulted in roughly 8% of the total amount being used for transaction costs. These costs may differ based on the user’s location and available withdrawal partners.
Editor’s note: This article was written by an nft now staff member in collaboration with OpenAI’s GPT-3.
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