UpdatesSep 06, 2023

MetaMask has launched a function to exchange ETH for fiat currencies

The popular cryptocurrency wallet has introduced the latest feature for its users.

At the outset, it is worth noting that the new feature appeared about 5 months after this widespread cryptocurrency wallet allowed its users to directly purchase digital currencies with fiat currency using a bank transfer, credit or debit card, as well as using PayPal. In the latest announcement by the MetaMask team, it was announced that customers with crypto wallets connected to the decentralized application will be able to sell Ethereum and send fiat currency to their bank account. In the first stage, it will be possible in the United States, Great Britain, but also in some European countries.

MetaMask with a new and significant implementation

A few months ago, a well-known and widely distributed cryptocurrency wallet among the digital currency community was enriched with a new functionality. It is directly related to the recently released ability to buy digital currencies directly in the decentralized MetaMask application using payment options that include bank transfer, credit or debit card, or PayPal. The company that owns the MetaMask wallet recently announced that it plans to introduce its latest "buy crypto" service for over 90 virtual currencies and users from as many as 189 countries around the world.

Moreover, MetaMask previously announced partnerships with digital currency providers like MoonPay, Transak, Sardine, and Wyre. In addition, in March 2023, the company's programmers also launched a virtual currency staking offer for their institutional clients.

The latest implementation by MetaMask allows users of this wallet to exchange Ehereum for fiat currency. In addition, it is possible to transfer funds directly to the bank account of users who have access to this function.

Beware of scams

Due to the significant reputation of MetaMask in the ecosystem of the digital currency community, it is sometimes targeted by scammers and hackers. And they very often go so far as to generate fake phishing pages that impersonate this cryptocurrency wallet. In this way, fraudsters try to steal private keys to wallets and, as a consequence, defraud digital currencies from them.

In conclusion, it is worth adding that recently in social media it is extremely common to come across fake airdrops with a link to fraudulent websites using the image and reputation of MetaMask. Users of the digital currency sector should be especially careful and always make sure that they are actually using MetaMask.