On September 5, 2023, MetaMask officially introduced the “Sell” feature on the MetaMask Portfolio. With this new feature, users can directly convert cryptocurrencies into fiat currency (USD, EUR, GBP) without the need for P2P intermediary exchanges.
Notably, after users sell their cryptocurrencies, they can send the converted amount to their bank account or PayPal. However, this feature is currently available in the United States, the United Kingdom, and select European regions, with plans to expand to more countries worldwide. Furthermore, the “Sell” feature currently supports the conversion of ETH into fiat currency (USD, EUR, GBP) and will expand to native gas tokens on layer2 networks in the future.
What’s particularly appealing is that instead of being limited to a single provider, MetaMask has compiled a list of verified providers to give users real-time options for converting their digital assets on the blockchain into their desired fiat currency.
Currently, MetaMask’s new “Sell” feature supports multiple EVM-compatible networks, including Arbitrum, Optimism, BNB Chain, Polygon, and Avalanche. Earlier in April 2023, MetaMask introduced the “Buy Crypto” feature with fiat currency, allowing payments via credit cards, PayPal, bank transfers, and ACH. According to the announcement, users can purchase over 75 tokens on 8 different blockchains in various countries.
With these two direct “buy” and “sell” features on their platform, MetaMask aims to provide a compelling and convenient web3 self-custody experience for users.