Cryptocurrency wallet MetaMask has announced the expansion of its fiat off-ramp services to support additional blockchain networks. The move aims to enhance the conversion of digital assets into traditional currency.
The integration will add 10 blockchains, a development backed by a partnership with payments provider Transak, MetaMask said in a press statement shared with Finbold on February 26.
Indeed, the latest upgrades mean users will no longer have to swap cryptocurrencies into Ethereum (ETH) before converting them to fiat currency. This process previously made transactions longer and users incurred more fees.
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Some of the 10 new blockchains to be integrated with the wallet include the Arbitrum mainnet, Avalanche C-Chain mainnet, Base, BNB Chain, Celo, Fantom, Moonbeam, Moonriver, Optimism, and Polygon (POL).
The press release indicated that, for a start, only four networks (ETH on Ethereum, ETH on Optimism, BNB, and Polygon) would be supported before the 10 are integrated, all backed by Transak, which operates in over 100 countries.
“By expanding off-ramping capabilities with Transak, MetaMask is removing barriers between crypto and traditional currency, allowing users to convert a broader range of tokens directly to cash,” said Lorenzo Santos, senior product manager at Consensys.
Role of crypto on-ramp
It is worth noting that crypto on-ramps enable users to buy cryptocurrencies using traditional currencies, which come in various forms, including exchanges, ATMs, brokers, and apps. Some familiar payment services used in such purchases include credit cards and bank transfers.
Transak CEO Sami Start emphasized the need for a seamless fiat off-ramp, as MetaMask is a key entry point for crypto newcomers.
Its partnership with Transak is part of a broader effort to enhance transaction accessibility. The Transak integration eliminates extra conversion steps in the withdrawal process.
Notably, the collaboration between the two entities seeks to promote one of the cryptocurrency sector’s core elements: providing financial access to underbanked individuals worldwide.
In this case, the off-ramping support will be accessible in countries with strong financial systems, including the UK, Germany, and Japan. At the same time, the integration also benefits regions with limited banking access, such as Brazil, Kenya, and Indonesia.
Transak’s Multi-Level KYC system tailors verification to transaction size and local regulations, ensuring compliance while minimizing friction for users bypassing traditional banking hurdles.
To this end, streamlined on-ramping and off-ramping make the crypto economy more self-sustaining, enabling users to move funds seamlessly without relying on exchanges.
Featured image via Shutterstock
