Zinger Key Points
- MetaMask grabs the first-mover advantage to replace decentralized exchanges by enabling a “Sell" feature.
- More tokens and geographies are likely to be added hinted the company.
- Get New Picks of the Market's Top Stocks
Software cryptocurrency wallet MetaMask announced the addition of a Sell feature today on its blog and X.
This will enable users to convert their digital assets such as Ethereum ETH/USD to traditional currencies like the U.S. dollar and Great British pound (GBP). For now, the feature is available for the U.S., U.K., and parts of Europe.
As the blog post video highlighted there will be more countries added soon. MetaMask also plans to add other tokens on the Sell platform.
We are beyond thrilled to announce our latest feature: Sell.
— MetaMask 🦊💙 (@MetaMask) September 5, 2023
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
The conversion will directly be reflected in the users’ bank accounts. The company also announced the converted currency could be added to the user’s PayPal balance. PayPal and MetaMask collaborated in December 2022 to offer an Ethereum on-ramp to the Web3 application.
Learn more about wallets by attending Benzinga's Future of Digital Assets conference on Nov. 14 in New York City. The premier crypto event brings together industry experts, thought leaders and enthusiasts to discuss the latest trends and innovations in the crypto space.
Founded by ConsenSys, MetaMask is known for its simplicity and security, storing, sending and receiving cryptocurrencies, particularly Ethereum and its many tokens.
See Also: 3,379 ETH Worth $5M Was Just Burned
What Could be in Store? The new Sell feature will allow users to avoid the hassles of dealing with a separate platform for conversion to cryptocurrencies. The attractive points of entry to the platform are user privacy, higher security and global accessibility. This is likely a huge leap in replacing the traditional decentralized exchanges.
In July 2023, MetaMask also launched the Swap feature which enables swapping tokens by collecting data from other decentralized exchanges and ensuring competitive prices and lower network fees.
Other Wallets: A few other hot wallet names include Crypto.com Defi Wallet, Guarda, Exodus, Coinbase Wallet, Trust Wallet and Electrum. Hot wallets are connected to the internet and are free to use while cold wallets are disconnected from the internet and tend to cost money to buy a piece of actual hardware.
Join Benzinga's Future of Crypto in New York City on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!
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