MetaMask ‘Sell’ Feature Enables Ethereum Users To Cash Out
Early Users Praise Speedy Transactions But Decry High Fees
By: Tarang Khaitan •DeFi News
Leading crypto wallet provider MetaMask has launched a new feature that allows users to sell their crypto and receive payments in USD, EUR, or GBP directly in their bank or PayPal accounts.
As of now, the ‘Sell’ feature supports ETH transactions on the Ethereum mainnet, with plans to extend support to Layer-2 blockchains in the future. The service is available to users in the US, the UK, and parts of the European Union.
This launch builds on MetaMask's 2022 integration with PayPal, which enabled users to purchase crypto using fiat currencies. Now, users can both buy and sell supported cryptocurrencies directly through their MetaMask wallets.
The company will also soon launch the Snaps protocol, facilitating cross-chain interactions.
The community has already begun exploring the new feature, with many criticizing the high fees charged for the service.
One user reported paying transaction costs of 9%, with the majority of the fees going to MoonPay, which facilitated the withdrawal. The user reported receiving the sale proceeds in their bank account within five minutes, however.
Others appreciated the enhanced accessibility to fiat on and off-ramps.
"Pretty dope, providing fiat on and now off ramps to help more people keep assets in self-custody versus on an exchange," wrote dontfeedwolf.eth.