MetaMask Introduces Feature to Change Ethereum to Fiat

MetaMask, the popular cryptocurrency wallet, has unveiled a new feature enabling users to convert their Ether into fiat currency. This announcement was made on September 5 via a post on X (formerly Twitter).

MetaMask users who have crypto wallets linked to the platform’s decentralized application, Portfolio, will now have the ability to cash out their Ether holdings and transfer the resulting fiat funds directly to their bank accounts. This service is currently available to users in the United States, the United Kingdom, and select regions within Europe. While the initial release focuses solely on Ether (ETH), the service has plans to expand its offerings to include “native gas tokens on layer 2 networks” in the foreseeable future.

This latest feature comes approximately five months after the wallet service introduced a function that enables users to purchase cryptocurrencies using fiat currencies from their bank accounts, as well as through PayPal and debit/credit cards. During the initial launch, MetaMask expressed its intention to extend the “buy crypto” service to cover over 90 different tokens for users across 189 countries.

MetaMask’s Strategic Partnerships and Ongoing Security Challenges

MetaMask has previously formed partnerships with various crypto on-ramp providers, including MoonPay, Sardine, Transak, and Wyre. Additionally, in March, the platform introduced a staking marketplace catering to its institutional clients.

While the crypto wallet is widely used by retail investors worldwide, it has also been a frequent target for scammers and malicious actors. Recently, scammers had seized control of government websites in India, Nigeria, Egypt, Colombia, Brazil, and Vietnam, using fake sites to deceive users into divulging their personal information.