MetaMask Unveils Instant Bank Withdrawals

[sesterceshop]

MetaMask just rolled out a cool feature: now you can smoothly turn your crypto into regular cash and send it straight to your bank. This is starting in the US, UK, and other parts of Europe, mainly focusing on ETH.

Source: https://coinmarketcap.com/alexandria/article/metamask-adds-bank-and-paypal-feature-to-withdraw-to-fiat

They're even planning to extend it to other networks soon. Plus, you can now add your converted fiat to your PayPal too. A handy update for MetaMask's 30 million users. But at what cost?

MetaMask conversion fees, and bank fees that would depend on your exact location. Security risks too. They require users to share their personal information and bank or PayPal details with Wyre, which may expose them to identity theft or fraud.

And if you're not careful, you may also lose access to your funds should MetaMask or Wyre suffer a hack, a breach, or a shutdown.

But, nevertheless, one step closer to crypto global adoption.

[riantolie]

That's great, it's always better when you can withdraw your crypto directly from your wallet. OWNR wallet added this feature months ago, I've been always using this wallet.

[Husires]

If wallet's developers turn to search for what customers needs or more what make them rich, most of new wallets will be like a banking services that freezing accounts and request to do KYC, it is better for you to buy bitcoin through those services to buy it using PayPal where value is always guaranteed instead of a wallet that gives up its responsibility with the first hacks.

Metamask day after day turns to provide its services similar to Blockchain.com and I will not be surprised that they were prevented from users from certain countries from using their services.

[jossiel]

While this service is favorable to most of the users.

And we can't stop the innovation and adoption through crypto-bank policies and ease payments, withdrawals and deposits. That's where it is heading and there's no way to stop it.

Just like any other wallet, focused with altcoins or bitcoins, there will always be that integrated service and exchange on them.

[Yogee]

I'm sure there will be users who will find this convenient but I'm personally not a fan. I would rather go the longer route and pay extra fees for moving funds from Metamask to one or two centralize exchange I use for a long time. I think that's a smaller price to pay than having my personal information submitted to various platforms.

[Yaunfitda]

I'm sure there will be users who will find this convenient but I'm personally not a fan. I would rather go the longer route and pay extra fees for moving funds from Metamask to one or two centralize exchange I use for a long time. I think that's a smaller price to pay than having my personal information submitted to various platforms.

Right, gonna be 50/50 for me as well, as much as wanted it to be instant in some cases, it might not be good in the long run. Plus how much they are going to charge for this one? The price could be similar to other banking services for sure and there could be instances that it will not be instant withdraws. I have similar problems years ago with such cases, that I have to call the bank or the platform itself as they advertised it to be instant with a higher fee. And that time I needed the money right away but the services fail me.

[gurunanakji777]

I believe this is positive news. As you mentioned, the feature is quite impressive since it's now accessible in the USA, UK, and selected European regions. I anticipate that they will expand this service to additional countries soon. However, individuals who prefer to keep their identity concealed may not favor this, and I think it might lead to a slight boost in the adoption of cryptocurrencies.

[zasad@]

That's great, it's always better when you can withdraw your crypto directly from your wallet. OWNR wallet added this feature months ago, I've been always using this wallet.

After using such a service, you will immediately de-anonymize your metamask wallet. Not everything that is convenient is good for you. For example, to exchange, I first exchange one cryptocurrency for USDT, and then exchange USDT for cash in my country. And a similar service is available on all major crypto exchanges.

[Text]

MetaMask's new feature for instant bank withdrawals is indeed a convenient addition for its users, making it easier to convert crypto to fiat. However, it's essential for users to be aware of the associated conversion fees and potential bank fees based on their location.
MetaMask charges a 0.875% fee for each withdrawal, and your bank or PayPal may also charge a fee.

This is a major step forward for the adoption of cryptocurrencies, as it makes it much easier for people to use their crypto for everyday purchases.

[Apocollapse]

Bad feature, this is really terrible if someone want to protect their privacy.

When you already link your address with your banks, there's no way to escape anymore because the blockchain analysis already know your address is associated with your bank. This will help government or any centralized entity that want to control their citizens.

[Husires]

Bad feature, this is really terrible if someone want to protect their privacy.

When you already link your address with your banks, there's no way to escape anymore because the blockchain analysis already know your address is associated with your bank. This will help government or any centralized entity that want to control their citizens.

There is nothing that enhances privacy in MetaMask. They manage all the nodes in the wallet, and it is easy for them to prevent you from broadcasting your transaction with their knowledge of all your addresses. Now they will be able to know your personal data and link it to your bank accounts, and all of this, you bear the risks in preserving your cryptocurrencies.
They have become a bank without guaranteeing the clients' assets, it is closer to the security lockers that some banks provide.

[avikz]

I do think it's a good move by Metamask. Because otherwise you will have to send your cryptos to some exchange by paying transaction fees and then pay fees again for conversion. If we are using wallet to convert, we are at least saving the transaction fees. So I believe if the conversation fees is competitive, it's good for the users.

Unfortunately, my country is not listed so unable to test that feature right away. But hopefully it will be available soon.

[vv181]

I thought the features were directly implemented within the extension or application, turns out it is not. It should be emphasised that this withdrawal feature is exclusively available only on Metamask Portfolio. Also, they not only support withdrawal or selling, but users also can buy cryptocurrency using FIAT.

This would be good since it makes liquidity and money flowing out or into cryptocurrency easier. It gives convenience to people who want to utilize the Buy and Sell cryptocurrencies with FIAT directly.

Bad feature, this is really terrible if someone want to protect their privacy.

Well, I think everyone should acknowledge that MetaMask visions are not going that way.

[o48o]

Bad feature, this is really terrible if someone want to protect their privacy.
-cut-

We have come a long way from the time when privacy was a goal. Now the best thing we can hope for is regulatory compliant privacy via zero knowledge smart contracts. I might sound annoying saying this but anonymity will be gone, pseudonymity too when it comes to regulators. Only thing preventing them kycking everyone full scale is lack of resources, and even that could change via AI.

[TimeTeller]

Bad feature, this is really terrible if someone want to protect their privacy.
-cut-

We have come a long way from the time when privacy was a goal. Now the best thing we can hope for is regulatory compliant privacy via zero knowledge smart contracts. I might sound annoying saying this but anonymity will be gone, pseudonymity too when it comes to regulators. Only thing preventing them kycking everyone full scale is lack of resources, and even that could change via AI.

Anonymity is slowly fading away in crypto world. And I believe, people are already accepting this change.
As regulatory bodies are now involved in this market, we can't totally discard their hold in this industry.
But as a user, you know what credentials and to where you are submitting your info with.
As much as possible, limit your exposure to very few websites, that you think you can really use their services.

[serjent05]

This is great news.  This indeed gives more convenience to people but I am still worrying about a possible malware that can not only drain metamask funds but also drain the bank connected to it.

Bad feature, this is really terrible if someone want to protect their privacy.

When you already link your address with your banks, there's no way to escape anymore because the blockchain analysis already know your address is associated with your bank. This will help government or any centralized entity that want to control their citizens.

You can always opt-out to use the feature.  If you wanted full privacy then better not connect anything online to your profile.  The government already has our profile, they can dig into anything about us if they want so I do not worry much about the government learning about my financial status since I don't need to hide from them just to evade my tax responsibilities.