MetaMask has recently announced the introduction of a new fiat feature on its platform. As per the announcement made on the X app, users now have the ability to convert their cryptocurrencies into fiat currency and have it deposited directly into their bank accounts by utilizing the new “Sell” feature.
It is important to note that the availability of the MetaMask Sell feature is currently limited to users in the United States, the United Kingdom, and select parts of Europe. Initially, the feature supports ETH on the Ethereum mainnet, with plans to expand to native gas tokens on layer 2 networks in the near future. Additionally, users can also choose to send their converted fiat to their PayPal balance, as MetaMask and PayPal partnered last year to facilitate crypto payments and provide a seamless on-ramp for users to purchase crypto.
Furthermore, MetaMask has already enabled on-ramp support for Indian users, allowing them to complete transactions using their banks and leveraging the Unified Payments Interface (UPI) technology. This integration has not only provided instant crypto access to India’s user base but has also improved transaction efficiency and reduced costs. It is believed that this development will contribute to the advancement of Web3.0 infrastructure in India, particularly in the small payments category.
The introduction of the “Sell” feature aligns with MetaMask’s objective of simplifying crypto transactions in the regions where it operates.