MetaMask, one of the most used crypto wallets in the world, is revolutionizing the accessibility of cryptocurrencies through a significant expansion of its fiat functionalities.
Thanks to the collaboration with Transak, a specialized payment provider, the wallet now supports off-ramping on 10 new blockchains, simplifying the conversion of digital assets into traditional currencies.
Summary
A step forward for Metamask on fiat
The complex onboarding process has often represented an obstacle for the adoption of cryptocurrencies by traditional users. According to industry experts, this difficulty has slowed the growth of the market, limiting the potential for expansion of blockchain technology.
With the introduction of new direct conversion features from crypto to fiat, MetaMask aims to overcome these barriers and bring the sector closer to the first billion users.
Until today, MetaMask users had to convert their assets into Ether (ETH) tokens before they could exchange them for fiat currencies. This process added transaction costs and intermediate steps, making the interaction with the traditional financial system less intuitive.
The supported blockchains and the first compatible tokens
As part of the collaboration with Transak, MetaMask has expanded off-ramping support for the following blockchains:
- Arbitrum (mainnet)
- Avalanche C-Chain
- Base
- BNB Chain
- Celo
- Fantom
- Moonbeam
- Moonriver
- Optimism
- Polygon
The first four tokens to receive immediate support for direct withdrawal in fiat currencies are:
“`- ETH on Ethereum
- ETH on Optimism
- BNB on BNB Chain
- MATIC token on Polygon
The support for the other six networks will be implemented gradually, further expanding the options for MetaMask users.
“`htmlReduction of barriers between crypto and traditional currencies
“`Lorenzo Santos, senior product manager at Consensys, stated that the expansion of off-ramping through Transak removes the barriers between cryptocurrencies and traditional currencies, allowing users to convert a wider range of tokens directly into fiat money.
This innovation represents an advantage for both experienced traders and new users. The more intuitive payment ramps can indeed encourage a greater number of people to invest in cryptocurrencies, overcoming the initial difficulties related to conversion processes.
MetaMask and the future of crypto-fiat transactions
MetaMask has already proven to be one of the most versatile and widely used tools in the management of cryptocurrencies, and this new integration further strengthens its role in the market. Making the transition between digital assets and traditional currencies smoother is a strategic move that could accelerate the mainstream adoption of cryptocurrencies.
The growth in the number of supported blockchains and the simplification of the conversion process from crypto to fiat represent a crucial step towards a more accessible and inclusive financial ecosystem. With these innovations, MetaMask not only enhances the user experience but also helps reduce the barriers between the crypto world and the traditional economy.
