MetaMask, the Ethereum-based cryptocurrency wallet, is enhancing its fiat off-ramp capabilities by extending service to 10 additional blockchain networks. This expansion, achieved through a collaboration with the payments provider Transak, is designed to facilitate the direct conversion of digital assets into traditional currency, thereby streamlining the user experience.
Previously, MetaMask users were required to exchange their assets into Ether (ETH) before converting them to fiat money, a process that involved additional steps and increased transaction fees. The updated service, however, now accommodates a broader range of blockchains, including Arbitrum mainnet, Avalanche C-Chain mainnet, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism, and Polygon.
The initial expansion will provide immediate off-ramping support to Ethereum’s ETH, Optimisim’s ETH, Binance’s BNB, and Polygon’s POL, with support for the remaining networks to be introduced progressively. According to Lorenzo Santos, a senior product manager at Consensys, this development removes obstacles between the crypto and traditional currency realms, allowing users to convert more tokens directly to cash.
The move is part of a larger initiative to make cryptocurrency transactions more accessible and user-friendly, especially for newcomers. Sami Start, co-founder and CEO of Transak, noted the critical need for an intuitive fiat off-ramping solution to help onboard the next wave of crypto users. This simplification aims to reduce complexity and build trust, even though better on-ramping alone won’t instantly reach the first billion users.
The integration with Transak is set to eliminate unnecessary conversion steps that have previously complicated the process of withdrawing cryptocurrency. This change is part of a comprehensive strategy to address the friction points currently deterring mass adoption of cryptocurrencies. Chintan Turakhia, senior director of engineering at Coinbase, emphasized the need to remove these barriers to attract the next billion users, starting with 100 million. Some challenges include setting up a wallet, managing transaction fees, and buying blockchain-native tokens. Streamlining these experiences is deemed essential for making cryptocurrency more inviting to a broader audience.
