Key Takeaways
- Users of Immutable X may now withdraw ETH straight to their US dollar bank accounts.
- Moonpay, a cryptocurrency-focused finance startup, enables the new capability.
- Currently, the service is only accessible in the European Union, the United Kingdom, and some US states.
Immutable X, an Ethereum Layer 2 solution, has integrated crypto-to-fiat capability into its newest software development kit.
Immutable Enables ETH-to-Dollar Withdrawals
Immutable facilitates the exchange of ETH for US dollars. The Ethereum Layer 2 project revealed that the most recent version of its software development kit now features crypto-to-fiat off-ramp capability. Developers developing on Immutable X allow their customers to sell ETH and immediately transfer the revenues into their US dollar bank accounts.
Immutable X will allow ether-to-dollar withdrawals. Image: Richard Levine/Corbis/Getty Images
“Every game, marketplace and app-building on @immutable just got fiat off-ramps. One more step to mainstream,” Immutable co-founder Robbie Ferguson said, “One more step to mainstream.” Immutable X is an Ethereum Layer 2 designed using Zero-Knowledge Rollup technology by StarkWare. The platform offers developers tools for integrating NFTs into games and apps while making use of its Layer 2 network’s cheap costs.
The new functionality of Immutable X is enabled by Moonpay, a financial technology business that develops crypto payment infrastructure. While Moonpay takes pride in simplifying crypto purchases, its withdrawal costs are sometimes more remarkable than those of centralised exchanges. Moonpay charges a 1% fee on all crypto-to-fiat bank transfers and a dynamic network fee on all BTC, ETH, and ERC20 token purchases and transactions, according to its website.
While the new capability will make it simpler for customers to transfer their ETH assets away from Immutable X, it has a few limits. The minimum withdrawal value is presently 0.015 ETH, and the service is only accessible in the EU, the United Kingdom, and some US states. Also, customers must pass Moonpay’s anti-money laundering and know-your-customer verification before accessing the ETH off-ramp.
The new crypto-to-fiat off-ramp is not the only recent Immutable modification intended to promote crypto adoption. The business announced a $500 million fund in June to promote developing and accepting its gaming and NFT-centric ecosystem.