MetaMask, the popular cryptocurrency wallet, has introduced a new Sell feature on its MetaMask Portfolio platform. This allows users to easily convert their cryptocurrency holdings into fiat currency for the first time without needing to withdraw to an exchange.
What is the Sell Feature in MetaMask Portfolio?
The Sell feature in MetaMask Portfolio allows users to convert their cryptocurrencies like ETH directly into fiat currencies like USD, EUR, and GBP. Combined with the existing Buy feature, it enables a self-sufficient crypto experience with fewer intermediaries and faster fiat conversions.
How Does the Sell Feature Work?
Rather than being limited to a single provider, MetaMask Portfolio aggregates vetted providers to present real-time conversion options. Users select their region, token, and destination fiat account. After sending crypto to the provider, funds reflect in their bank/PayPal account in a few days.
Is KYC Required?
Yes, KYC (Know Your Customer) verification is required as part of signing up and linking a bank/PayPal account with the chosen provider. This enables the company to comply with regulations and deposit funds into the user’s fiat account.
Regions and Tokens Supported
The Sell feature currently supports the US, UK, and parts of Europe. It allows selling ETH on Ethereum Mainnet initially, with plans to expand token and currency support over time. This global accessibility aims to welcome more people to participating in web3.
Benefits for Users
Combining Buy and Sell enables users to purchase and sell crypto seamlessly within Portfolio. By aggregating providers, it presents options for faster fiat onboarding without lengthy signups. This improves the self-sovereign crypto experience.