MetaMask, the world's leading hot wallet for cryptocurrencies, has unveiled a new feature that allows its users to convert their digital assets into fiat currency.
MetaMask Is Adding A Function For Withdrawing Cryptocurrencies To Fiat Via Banks And Paypal
MetaMask, the world's leading hot wallet for cryptocurrencies, has unveiled a new feature that allows its users to convert their digital assets into fiat currency and transfer the funds to their bank accounts.
The "Sell" tool allows customers to seamlessly change their crypto holdings into fiat currency, with the option to send the funds directly to their bank accounts.
This service is initially available in the United States, the United Kingdom, and select regions of Europe, with an emphasis on supporting Ethereum's native asset, ETH, on the Ethereum mainnet. In the near future, MetaMask intends to expand this feature to incorporate native gas tokens on Layer 2 networks.
Additionally, MetaMask users have the option to add converted fiat to their PayPal balances, thanks to an integration between the two companies that was announced late last year.
MetaMask's decision to make crypto to fiat conversion easier lines up with the company's objective to make the Web3 experience more accessible and user-friendly. With over 30 million monthly active users, MetaMask is a widely adopted self-custodial hot wallet. Its browser extension is available on popular browsers like Google Chrome, Brave and more.
This latest development comes on the heels of recent scams plaguing MetaMask users. Phishing sites of official government websites are used to trick users into connecting their wallet, allowing hackers to take complete control of their crypto assets.
