MetaMask Adds an Off-Ramp for Certain Countries
MetaMask added a new feature to help simplify crypto payments. The leading crypto wallet will now enable users to convert cryptocurrencies into USD, which the users can cash out via Paypal and banks.
MetaMask to Allow Users to Cash Out ETH
The newly launched feature is set to support ETH payments for now, with plans to include a broad spectrum of cryptocurrencies under its domain. To begin with, users will have to pick the country of their residence before deciding on the amount they wish to cash out. Once selected, users will be redirected to select certain off-ramp options, such as Moonpay or Transak, to commence the crypto-fiat conversion.
Once completed, Moonpay or Transak will later send the converted crypto to the user’s bank account, which will be accessible to the customers within minutes after the banks have processed the transaction. Users can also withdraw funds to PayPal through MetaMask’s newly launched feature.
With the collapse of FTX, crypto users are now demanding functionalities that empower them to take control of their funds, leading several crypto wallets to revamp and reconsider their core in-app functionalities. With fluctuating CEX stats and falling numbers, it seems that MetaMask is leveraging the current scenario to lead crypto market innovation and help users gain more control of their funds when simplifying crypto payments and transfers.
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Crypto Exchange Volume Plunges To New Lows
With dwindling CEX trading stats and waning consumer interest, the cryptocurrency domain is documenting a steep fall in CEX trading volumes. The data reveals how crypto trading volumes have plunged to new lows, with statistics portraying a bearish sentiment. The market is currently facing a low influx of additional funds entering the market, which seems to be negatively impacting the crypto market’s momentum.
About declining stats, Bitcoin funds noted inflows totaling $3.8 million, while short BTC funds documented outflows totaling $3.3 million. Leading altcoins like Polygon and Ethereum also noted extensive outflows, echoing bearish sentiment and stances.
While the CEX trading stats have reported plunging stats and metrics, several experts think bear markets always have unique opportunistic moments for market players to leverage and gain through.
“Historically speaking, we are in the opportunity zone, and smart buyers in the past have been very profitable purchasing assets while volume and interest were so low.As told by Crypto researcher Aylo citing data from the block
While the bearish crypto sentiment continues to deepen, MetaMask seems to be in “leverage” mode by helping crypto users gain more transparency about their crypto fund movements. By adding the widely anticipated off-ramp option, MetaMask is now dubbed a leading market player, driving crypto adoption ahead by simplifying crypto payment measures and standards.
What do you think of MetaMask’s new off-ramp feature? Let us know your views in the comments below!