By George Ward
MetaMask, a well-known Ethereum crypto wallet, has launched a new feature called ‘Sell.’ This feature lets users turn their crypto into paper money. With the introduction of this feature, MetaMask is making it easy for people to convert their crypto into fiat currency.
Geographic Limitations And Supported Fiat Currencies
While many industry players have commended MetaMask for this launch, this feature has limitations. It’s only available for users in the United Kingdom, the United States, and parts of Europe, where the dominant legal tender is the Euro.
Accordingly, the new feature allows crypto conversion to USD, EUR, or GBP. However, MetaMask plans to expand this feature to more regions to serve its global community better.
They’re also not stopping at just Ethereum’s Mainnet; the popular crypto wallet platform plans to incorporate native gas tokens on layer two networks as soon as possible. This means more options for users to choose from when converting their crypto.
What sets MetaMask apart is its approach to collaboration. Instead of handling everything in-house, MetaMask aggregates a diverse array of trusted providers, similar to how it launched its ‘Buy’ function.
Meanwhile, it’s essential to note that not all states in the United States are currently supported. For instance, some users in states like New York cannot access this feature. In some other states, users may have multiple transfer options, such as MoonPay or ACH Bank Transfer, which makes it possible to complete their transactions in diverse ways.
For users in the United Kingdom, the choices are even more extensive. They include SEPA Bank Transfer, Faster Payments, Transak, or MoonPay.
These options cater to users’ diverse preferences, allowing them to select their most suitable method. When users decide to sell their Ethereum (ETH) coins, MetaMask ensures the process remains secure.
The platform securely redirects users to the provider’s website, where they can seamlessly set up and link their fiat accounts. Once complete, they are redirected to the MetaMask Portfolio, ensuring a seamless and secure transaction experience.
KYC And MetaMask’s Challenges
It’s important to note that MetaMask does not require users to undergo KYC (Know Your Customer) procedures. However, this may change, especially if MetaMask starts collaborating with traditional financial institutions.
These institutions often make KYC procedures compulsory as they serve as a method to verify a user’s identity. MetaMask’s commitment to expanding its services and making cryptocurrency more accessible is evident in its previous collaborations with fiat on/off-ramp providers.
Collaborations with Sardine, MoonPay, Wyre, and Transak have paved the way for a more streamlined experience for MetaMask users. Three months ago, the company enabled American users to purchase Ethereum via PayPal, bridging the gap between the crypto world and traditional finance.
As one of the most popular crypto wallets in the world, the MetaMask platform is also a big target for scammers. Recently, there were reports of scammers using MetaMask phishing links to target cryptocurrency investors.
The platform acknowledged this threat but emphasized that scammers are a common problem in the Web3 ecosystem. Sometimes, these scammers compromise government websites to execute their fraudulent schemes.
They redirect users to counterfeit MetaMask websites, prompting them to download a fake MetaMask APK file. Then, these scammers gain remote control over the victim’s device to manipulate and misuse sensitive information.