MetaMask, the world’s most popular self-custodial wallet, just announced the addition of a new “Sell” feature that will allow users to convert cryptocurrency to select fiat currencies and withdraw the funds directly to their bank accounts.
According to the announcement made via MetaMask’s blog and official X account on September 5th, the feature is available in the U.S. (state restrictions apply), the U.K. and parts of Europe, with expansion to other regions expected soon. The new tool currently supports ETH on Ethereum Mainnet, but there are plans to expand to native gas tokens on layer 2 networks as well.
With the Sell tool, users can withdraw funds from their self-custody wallet directly to their bank or PayPal accounts, allowing them to have an end-to-end cryptocurrency experience without the need to use intermediaries like centralized exchanges. Users can convert their crypto to traditional currencies like the USD, EUR, and GBP.
On its blog, MetaMask wrote that the Sell feature ensures that users can “enter and exit crypto freely” and “go full circle” in their crypto to fiat journeys. The company believes the addition of this tool will make “Web3 attainable to more people.”
MetaMask was created by Consensys in 2016, and has since become one of the world’s most popular tools for interacting with the decentralized ecosystem. According to MetaMask’s website, users can interact with over 17,000 Web3 protocols and applications. Furthermore, the software wallet serves over 30 million active monthly users and is connected to nearly every Web3 dApp.
For more information on how to use MetaMask’s latest Sell feature, users can visit the company’s website.
New Features Abound in Web3 During the Bear Market
News that users in certain regions now convert their crypto to fiat and withdraw directly to their bank accounts is a big deal for MetaMask’s millions of users. But MetaMask isn’t the only company that’s been launching new features. At Rarity Sniper, we’ve covered several recent articles about Web3 companies launching new tools and features for their users. Here are some of the top headlines.
First, two weeks ago, the leading Web3 domain name service provider Unstoppable Domains launched Unstoppable Messaging. The new feature powered by XMTP will let users connect seamlessly by sending messages using their wallet address or domain names. In recent months, Unstoppable has been one of the top Web3 companies to launch new features for its users.
Next, about two months ago, OpenSea launched a new tool called ‘Deals’ — a P2P NFT swap function that lets users trade with each other directly. The goal of the new feature is to provide a secure platform for collectors to trade NFTs, so they don’t fall victim to scams.
Finally, Co:Create unveiled a Web3 Rewards Tool application on Shopify, one of the largest e-commerce platforms in the world. The new tool includes a suite of blockchain-based rewards, loyalty-focused features, and token-gated access rights. The aim is to use NFTs to let companies integrate Web3 rewards and experiences into their products and services.
As you can see, many Web3 companies are using the bear market to build new tools and features for their users. It will likely take some time to see if the new Sell feature from MetaMask is popular. But considering the fact it lets Web3 natives and new users circumvent centralized exchanges and cash out their crypto directly, we think there’s a good chance it will be.