MetaMask releases new feature for cryptocurrencies versus fiat currencies

MetaMask has announced the addition of a new fiat currency feature to its wallet. According to the announcement in the X app, users can now exchange their cryptocurrencies for fiat currencies in their bank accounts by clicking on the new “Sell” feature.

MetaMask Sell feature is region-specific According to MetaMask’s published statement, “‘Sell’ enables you to convert your cryptocurrencies into fiat currencies. And send the money to your bank account.”

The feature is currently available to users in the US, UK and some parts of Europe “initially supporting ETH on the Ethereum mainnet. With plans to expand to native gas tokens on Layer 2 networks soon.” Apart from getting money in their bank accounts. Users of the popular decentralized wallet can also send their converted fiat currencies to their PayPal (NASDAQ: PYPL ) balance.

MetaMask and PayPal became partners last year to facilitate cryptocurrency payments. That is, providing a simple and convenient way for users to purchase cryptocurrencies. The cryptocurrency wallet infrastructure provider has become the first Web3 wallet to leverage PayPal for successful transactions on the highway. From the beginning, Ethereum was the only token available for purchase on MetaMask.

“This integration with PayPal will allow our users in the US to not only seamlessly purchase cryptocurrencies through MetaMask,” said Lorenzo Santos, Product Manager at MetaMask. But also to easily explore the Web3 ecosystem.”

MetaMask On-Ramp support is available in India soon after its partnership with PayPal. MetaMask allowed Indian users to complete transactions using their banks.

This has led to instant access of cryptocurrencies to the user base in India using the country's leading payments technology, Unified Payments Interface (UPI). Before that time, the country's massive cryptocurrency trading community relied entirely on local cryptocurrency trading platforms that were subject to harsh tax regulations.