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MetaMask, one of the most widely used hot wallets for Ethereum and various cryptocurrencies, has introduced an innovative feature that enables users to convert their cryptocurrencies into traditional fiat currency, with Ethereum (ETH) being the initial blockchain supported for this function. This new "Sell" feature allows users to effortlessly convert their crypto holdings, primarily denominated in ETH, into fiat currency and transfer the funds directly to their bank accounts. The announcement was made via a social media post by MetaMask.
Initially, the "Sell" feature is available to users in the United States, the United Kingdom, and certain European regions, with its main focus on supporting Ethereum (ETH) on the Ethereum mainnet. Notably, Ethereum (ETH) will also be utilized as gas during the conversion process. MetaMask has plans to expand this functionality to encompass native gas tokens on Layer 2 networks in the near future.
In addition to the direct bank transfer option, MetaMask has extended its integration with PayPal. Users now have the flexibility to add the converted fiat from their crypto holdings directly to their PayPal balances. This builds upon the collaboration announced between MetaMask and PayPal last year.
MetaMask's introduction of the "Cash Out" feature comes in response to the growing demand for simplified and accessible methods to convert cryptocurrencies into fiat currencies. This enhancement enables users to easily access and utilize their digital assets within the traditional financial system, with Ethereum playing a crucial role as the blockchain of choice for this functionality.
