Metamask Wallet Users Can Now Cash Out Crypto to Fiat
The popular Ethereum wallet Metamask has introduced a new feature allowing users to convert crypto to major fiat currencies. The “Sell” option currently supports cashing out ether (ETH) and is available to users in the U.S., the United Kingdom, and some European markets.
New Feature of Metamask Wallet Allows Users to Sell Ether for Fiat
Metamask, a widely used Ethereum wallet, has offered ETH holders an easy way to cash out their cryptocurrency to fiat money. At the moment, the “Sell” feature is available in the U.S. — where certain state restrictions apply — the U.K., and parts of Europe, but the intention is to add more regions, the wallet’s team said on Tuesday.
Users can currently cash out to U.S. dollars (USD), British pounds (GBP), and euros (EUR). They can have the fiat amount sent to a bank account or a Paypal balance where these fiat account destinations are available, depending on location. “We’re initially supporting ETH on Ethereum Mainnet, with plans to expand to native gas tokens on layer 2 networks soon,” the announcement also noted.
To sell crypto, users need to connect a Metamask wallet to the Metamask Portfolio decentralized application (dapp). After clicking the “Sell” tab, there is a prompt to select the user’s region and the token they want to sell as well as a fiat account destination available depending on location. The user then enters the crypto amount for conversion.
They will also be presented with real-time quotes from providers that Metamask works with, redirected to the website of a provider of choice in order to sign up and link their fiat account, and then directed back to the Metamask Portfolio platform. There users need to send the ETH to the selected provider and confirm the transaction in their Metamask wallet.
To buy and sell cryptocurrency, users of the Metamask wallet will need to sign up and link their bank account only once with a vetted provider. The service promises to enable them to “have a self-sufficient web3 experience with fewer intermediaries.”
Consensys, the crypto company behind Metamask, has been working to expand the wallet’s features. In October 2022, it added bank-to-crypto transfers through the automated clearing house (ACH) settlement merchant Sardine, that facilitates instant crypto purchases with no settlement delays and orders completing within minutes.
What do you think about Metamask’s new feature allowing crypto-to-fiat conversion? Tell us in the comments section below.
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One Of Ripple CTO’s Fave XRP Ledger Updates Is Up For Vote Now
The XRP Ledger (XRPL) is on the brink of a significant evolution, with the XLS-30 AMM amendment now open for voting on the mainnet. Ripple CTO Schwartz has expressed his enthusiasm for this feature, retweeting RippleX’s announcement and commenting, “One of my favorite XRPL features ever, explained in my keynote at Apex Development Summit, is now open for voting on mainnet.”
Amendments on the XRPL, such as the XLS-30, represent foundational changes or new features related to transaction processing. The XRPL’s amendment system employs a rigorous consensus process, ensuring that any changes impacting transaction processing receive widespread approval. For an amendment to be permanently integrated, it must secure over 80% support from the community for a continuous two-week period.
What Ripple CTO Schwartz’s Fave Update Delivers
The XLS-30 AMM amendment, as detailed by RippleX, is a new feature for the XRP Ledger. Its introduction aims to bring native Automated Market Maker (AMM) functionality, enabling the trading of assets within automated liquidity pools. According to the developer arm of Ripple Labs, this amendment stands out due to its novel Continuous Auction Mechanism, designed to incentivize arbitrageurs to bid for mispricing opportunities.
This mechanism promises to significantly mitigate the effects of impermanent loss for liquidity providers (LPs). RippleX emphasized the transformative potential of this feature, stating, “All of these unique features, combined with the XRPL’s low fees and fast finality, bring XLS-30 to the cutting edge of decentralized financial applications.”
A deeper dive into the GitHub description for “0030 XLS 30d: Automated Market Maker on XRPL” provides further details about the proposal’s features and objectives. Historically, the XRPL decentralized exchange (DeX) has depended on manual market making and order books for liquidity.
The XLS-30 seeks to revolutionize this by introducing a non-custodial AMM as an inherent feature. This mechanism is designed to amplify returns for those providing liquidity while concurrently minimizing potential losses due to market volatility.
A unique facet of this AMM instance is its continuous auctioning of trading advantages to arbitrageurs. The fees collected from these auctions are then redistributed to its liquidity providers, ensuring a more equitable distribution of profits.
Proposed last year, the protocol-native AMM is envisioned to seamlessly integrate with the order book-based DEX on the XRP Ledger. Since its devnet debut in November 2022, there has been a flurry of activity, with hundreds of AMM pools being established and a multitude of wallets connected for testing.
RippleX has also been proactive, incorporating AMM support in three client libraries, namely xrpl.js, xrpl-py, and xrpl4j, and integrating it into the xrpl.org explorer.
At press time, XRP traded at $0.5044.
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