JAKARTA - On Tuesday, September 5, MetaMask, one of the most popular cryptocurrency wallets, announced the launch of a new feature that allows users to sell Ether (ETH) to fiat currencies.
In an official announcement on X (previously known as Twitter), MetaMask explained that users with crypto wallets connected to the decentralized Portfolio app can now convert ETH ownership into fiat currency and transfer it directly to the user's bank account.
This service was originally available to users in the United States, UK, and parts of Europe. Despite initially focusing on ETH, MetaMask plans to expand this feature to future layer two (L2) networks.
This development provides convenience in the process of converting digital assets to fiat currency and improving the user experience by eliminating the need to use cryptocurrency exchange as an intermediary.
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This is a significant step that comes just five months after MetaMask Portfolio allows users to buy cryptocurrencies using traditional fiat methods.
Previously, MetaMask made it possible to deposit from bank accounts, PayPal, debit cards, and credit cards, which make it easier for users to connect the world of digital assets with traditional assets. With this latest feature, MetaMask now offers a complete solution for asset conversion, creating a two-way flow to convert conventional currencies into cryptocurrencies and vice versa.
In blockchain terminology, fiat on-ramps and fiat off-ramps refer to the path to convert conventional currencies into cryptocurrencies and vice versa. Before this feature was launched, MetaMask served more as a "on-ramp fiat," allowing users to incorporate traditional money into the cryptocurrency world.
Now, with the "off-ramp fiat" feature, MetaMask fills an important role in the ecosystem, providing complete capabilities for asset conversion, both in and out of the crypto world.
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