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MetaMask streamlines crypto onboarding with fiat off-ramp

MetaMask is making it easier for users to buy and sell cryptocurrency by adding a fiat off-ramp for 10 blockchains. This move aims to improve accessibility and streamline the onboarding process for new crypto users.

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MetaMask Expands Fiat Off-Ramp Services to Support Multiple Blockchains

MetaMask, the popular Ethereum-based cryptocurrency wallet, has announced a significant expansion of its fiat off-ramp services in collaboration with Transak, a leading payments provider. This move aims to streamline the process of converting digital assets into traditional currency for MetaMask users.

Enhanced Support for 10 Additional Blockchain Networks

Previously, MetaMask users had to go through the hassle of swapping their assets into Ether (ETH) tokens before being able to convert them into fiat money, incurring extra steps and transaction fees. However, with the expansion of off-ramping services, MetaMask will now extend its support to a total of 10 new blockchain networks, including:

  • Arbitrum mainnet
  • Avalanche C-Chain mainnet
  • Base
  • BNB Chain
  • Celo
  • Fantom
  • Moonbeam
  • Moonriver
  • Optimism
  • Polygon

The initial rollout will provide immediate off-ramping support for ETH on Ethereum, ETH on Optimism, BNB, and the Polygon token, with gradual integration for the remaining networks. This strategic move aims to bridge the gap between crypto and traditional currency, facilitating direct conversion of a wider range of tokens into cash.

Streamlining Crypto-to-Fiat Transactions for User Convenience

Lorenzo Santos, senior product manager at Consensys, emphasized that the partnership with Transak represents a significant step towards eliminating barriers in converting crypto assets into fiat currency. By simplifying the off-ramping process, MetaMask intends to make cryptocurrency more accessible and user-friendly for both beginners and experienced users.

The integration of Transak's services into MetaMask is part of a broader initiative to enhance the accessibility of cryptocurrency transactions. Sami Start, co-founder and CEO of Transak, highlighted the importance of providing an intuitive fiat off-ramping solution to simplify user onboarding, especially for newcomers in the crypto space.

Addressing Friction Points in Crypto Adoption

Chintan Turakhia, senior director of engineering at Coinbase, emphasized the need to address the existing friction points that hinder mass crypto adoption. Turakhia pointed out that complicated wallet setup processes, high transaction fees, and the requirement to purchase blockchain-native tokens for transactions are major obstacles preventing wider cryptocurrency usage.