MetaMask Rolls Out Bank and PayPal Options
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If you’re a MetaMask user, you’ve got some good news. The company has just revealed that you can now convert your digital assets into fiat currency and send them straight to your bank or PayPal account. MetaMask shared this update on X (formerly Twitter), , also pointing out that they are the leading crypto wallet according to recent stats.
We are beyond thrilled to announce our latest feature: Sell.
Yes, you read that right. Available on MetaMask Portfolio, ‘Sell’ allows you to cash out your crypto for fiat currency easily.
🔗 Discover more at https://t.co/aaSgTswEMo pic.twitter.com/pJa1ZndLQA
— MetaMask 🦊💙 (@MetaMask) September 5, 2023
What currencies can you convert your crypto to? Well, dollars, euros, and pounds for now. This feature has been rolled out in parts of Europe, as well as the U.K. and the U.S. “Sell enables you to convert your crypto to fiat, sending the funds to your bank account,” the company said in their announcement.
If you’re wondering about the geographic scope, the company’s blog post explains:
The feature is currently available in the U.S., UK, and parts of Europe initially supporting ETH on Ethereum mainnet, with plans to expand to native gas tokens on Layer 2 networks soon.
That’s right, to begin with, the mainnet of Ethereum will support ETH, but they’re planning to add more native tokens on Layer 2 networks.
MetaMask and PayPal: A Match Made in Heaven?
MetaMask and PayPal came together for an integration last year, and now that collaboration is bearing fruit. Apart from sending your converted fiat to your bank account, you can also add it to your PayPal balance. The company noted:
Combined with the Buy feature, it enables you to have a self-sufficient Web3 experience with fewer intermediaries and faster fiat conversion directly to your destination of choice where available, like your bank account or PayPal balance.
They emphasized that this ease of moving between crypto and fiat is important for broadening access to Web3 technologies.
Just What Exactly is MetaMask?
A bit of background for the uninitiated: MetaMask is a widely used Ethereum wallet and browser extension compatible with Firefox, Google Chrome, Edge, and Brave. With more than 30 million active users per month, the platform allows users to store their crypto keys and interact with decentralized apps (dApps), from DeFi protocols to crypto games. It serves as a bridge between your browser and the Ethereum blockchain.
Buying Crypto through Partnership with Banxa: 1-Click Service
Notably, this isn’t the only new feature from MetaMask. Last month, it was revealed that they solved the other part of the equation: buying crypto with fiat, by announcing an optimized Apple Pay service in collaboration with fintech firm Banxa. Described as a “1-click service,” this update allows MetaMask users to quickly purchase Ethereum and other cryptos. Banxa’s 1-click service is unique among the eight on- and off-ramp services linked with MetaMask.
It’s a little bit more cumbersome versus just selecting the quote, seeing the Apple Pay UI come up, do double-click face ID, and boom, a minute later, you have funds in your wallet
As for how the Apple Pay integration works, Lorenzo Santos, MetaMask’s product manager, explained at that time: “For this integration, it’s going to work for returning users. These are users that have already signed in and made an account with Banxa and have already completed KYC. It’s more about reducing friction on those second, third, and fourth purchases.”
Santos added that the payment quote across all on-ramp services would remain the same when purchasing crypto on MetaMask. He said that what makes Banxa’s offering different is its streamlined checkout process. “It’s a little bit more cumbersome versus just selecting the quote, seeing the Apple Pay UI come up, do double-click face ID, and boom, a minute later, you have funds in your wallet,” he added.
These recent developments announced by MetaMask are very positive news for the crypto community. Their significance goes way beyond MetaMask: they are likely to increase crypto adoption and usage, as they solve one of the long-standing problems in crypto, which is getting fiat in and out of crypto, in a reliable, quick and user-friendly way.
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