As one of the most widely used applications in the crypto market, MetaMask's every move attracts significant attention. While other wallets compete fiercely on product features and user experience, MetaMask's journey toward becoming a leader may have just begun.
MetaMask Introduces "Sell" Feature for Fiat Withdrawals
MetaMask, the popular crypto wallet with 30 million monthly active users, now allows users to sell cryptocurrencies directly for fiat currency and transfer funds to bank accounts.
On the evening of September 5, MetaMask announced its new "Sell" feature, enabling users to convert cryptocurrencies into fiat (e.g., USD, EUR, GBP) via MetaMask Portfolio and send the proceeds to their bank accounts. Currently, this service is available only in the U.S., U.K., and select European regions. Initially, it supports ETH on the Ethereum mainnet, with plans to expand to Layer 2 native gas tokens soon.
This launch follows MetaMask's integration of a "Buy" feature five months prior, which allowed users to purchase crypto using bank accounts, PayPal, debit/credit cards, and other fiat payment methods.
How the "Sell" Feature Works
First-time users must select their region, which will be saved for future transactions. After entering the amount of ETH (or other supported tokens) to sell, users can compare quotes from multiple providers and link their bank accounts. MetaMask has partnered with MoonPay, Sardine, and Transak, though only MoonPay and Transak currently support the "Sell" function. Some users may need to complete KYC verification on the provider’s platform before proceeding.
Note: Due to regional restrictions, Asian users cannot access this feature yet.
Fee Breakdown: A 9% Total Cost
A test by U.K. user @S4mmyEth revealed the following cost structure for selling 0.05 ETH (~$82.78 at the time):
- Gas fee: $0.80 (0.65 GBP)
- Exchange fee: 1% (0.65 GBP)
- MoonPay’s implicit fees: ~4.50 GBP
After all deductions, @S4mmyEth received 59.42 GBP, whereas the market value of 0.05 ETH was ~65 GBP. The total cost reached ~9%, significantly higher than expected.
👉 Explore MetaMask’s latest features
Bridging Crypto and Fiat Amid Banking Challenges
Since FTX’s collapse in November 2022, traditional financial institutions have grown wary of crypto. The 2023 banking crises further narrowed fiat on/off-ramps. MetaMask’s new feature simplifies conversions despite higher fees, lowering barriers for mainstream adoption.
Previous Fiat Integrations
- December 2022: Partnered with PayPal to let U.S. users buy ETH (expanded nationwide in May 2023, excluding Hawaii).
- April 2023: Launched "Buy" in 189+ countries, supporting 90+ tokens across 8 blockchains via debit/credit cards, bank transfers, and PayPal.
MetaMask’s Rapid Product Evolution
Facing stiff competition, MetaMask has accelerated updates:
- Staking: Direct ETH staking for yields.
- Cross-chain bridges: Integrated aggregators and individual providers.
- MetaMask Snaps: An open ecosystem for third-party dApp integrations, akin to a "wallet app store."
👉 Discover MetaMask’s staking options
FAQs
1. Which regions support MetaMask’s "Sell" feature?
Currently available in the U.S., U.K., and parts of Europe. Asian users cannot access it yet.
2. What cryptocurrencies can I sell?
Only ETH on Ethereum mainnet is supported initially, with Layer 2 gas tokens coming soon.
3. Why are the fees so high?
Costs include gas fees (~$0.80), exchange fees (1%), and provider charges (e.g., MoonPay’s ~4.50 GBP hidden fees).
4. How long do withdrawals take?
In tests, transactions completed in 5 minutes from submission to bank receipt.
5. Can I use PayPal for "Sell"?
No, PayPal is only for buying ETH. "Sell" requires a linked bank account.
6. Will MetaMask expand "Sell" to more tokens?
Yes, Layer 2 gas tokens are next, with wider token support expected later.
MetaMask continues to shape crypto accessibility, balancing innovation with user costs. While fees remain steep, its streamlined fiat pathways could drive broader adoption.