Metamask is one of the most widely used non-custodial Web 3 wallets for Ethereum and EVM-compatible chains and it seems to be continuously working to improve its userbase's experience by enabling various features and functionalities.
One of the most recent additions to the wallet is the sell ETH function (or the ability to cash out ETH to fiat) directly from the MetaMask Portfolio. But before that, let's take a little closer on what the portfolio is about, including its different features.
If you have been using the wallet, you may have already known about the MetaMask Portfolio which launched last year.
It is an all-in-one decentralized application where you can perform various things like managing, viewing, or tracking your crypto assets, tokens, Decentralized Finance (DeFi) investments, and NFTs in one place.
Currently, the application supports multiple networks including Ethereum, Optimism, Avalanche, BNB Smart Chain (BSC), Fantom, Abritrum, Polygon, and Linea.
Users can watch and track their assets (tokens, NFTs, stablecoins) with real-time market data. There's a 'Token' tab that displays a wallet's holdings in various chains. Another tab for Non-Fungible Tokens (NFTs) and tab to view real-time transactions.
The application is pretty intuitive too allowing a better user experience. One can choose which currency for the portfolio value display and can even hide or show them. In addition, users can add multiple wallets to track or manage.
This feature or service was launched about 5 months ago. Depending on the country of residence, Metamask offers various payment methods - Credit Card, Debit Card, Wire Transfer, CashApp, PayPal, etcetera.
That's a preview of buying ETH for UK residents. There are 2 available payment options including SEPA Bank Transfer (which takes around 1-5 days) and Debit/Credit Card (5-10 minutes). There are also aggregator quotes (refreshes every 30 seconds) showing the available on-ramp service providers and the expected amount of crypto you will receive.
This is the most recent feature introduced and announced by MetaMask. Although it is currently available ONLY to the United Kingdom (UK), some states in the US (restrictions apply), Germany, Switzerland, and France.
The supported asset is only ETH on mainnet and they plan to expand to native gas tokens on Layer 2 networks soon and fiat currency USD, EURO, and GBP.¹
The minimum amount of ETH to sell is 0.01 and the function shows price quotes from various off-ramp providers, the fiat account destination (PayPal or bank account), and the available service providers. Once you select, you will be redirected to the provider's site to sign up and link your fiat account. Then you will be directed back to MetaMask Portfolio where you can perform the transaction and confirm it on your wallet.²
Depending on your chosen receiving option, the money may take a few days to get reflected in your account.
You can find the comprehensive guide to selling ETH here.
Users can transfer their assets from one network to another. Supported chains at this time include Ethereum, Polygon, BNB Chain, Optimism, Arbitrum, and Avalanche.
The gas fees are automatically calculated and there's an option to select the bridge provider and the speed of the transaction.
Users can swap over 35 assets across different networks. There's a live quote overview of the asset that you wish to swap, including the estimated gas fee and the expected amount you would receive.
At the time of this writing, there are 6 supported networks (Ethereum, Polygon, Arbitrum, BNB Chain, Avalanche, and Optimism).
This feature is still in the Beta phase. Users can stake ETH through Lido and Rocket Pool (rETH, stETH) and Polygon (MATICX, stMATIC) and earn yields on them.
While staking on Metamask Portfolio can be easy and convenient, there are risks involved including unguaranteed staking rewards and loss of funds as indicated in the information.
You can find the details to staking on Metamask Portfolio in this guide.
While this function or feature is available on the wallet, it is also accessible in the MetaMask Portfolio.
Users can conveniently and quickly send assets from their own wallets to another address (including ENS names).
You can create a watchlist to track your favorite tokens across various supported networks. You will be able to track the tokens based on your chosen currency, price changes, and market caps. It is easy to add tokens by using the search button (can remove them too by clicking on the star beside them).
MetaMask has its own portfolio tracker which allows users to manage, track, or watch their assets on different networks - all in one place.
The most recent function added to it is the sell ETH to fiat but it is only available to the UK, US and select European countries. This feature allows anyone in the supported countries to sell ETH and cash out directly to their bank accounts, PayPal any other supported gateways.
Other useful features of the portfolio include buying crypto directly from fiat (which supports most countries), swapping, sending, staking, and bridging different assets across various networks.
For information only. Sources: Metamask Portfolio / X / News / MetaMask Support
Lead image created on Canva. Logo from MetaMask. Screenshots linked directly to their sources. No copyright infringement intended. 07092023/10:20ph
