Ethereum Layer 2 Immutable X Launches ETH-to-Dollar Withdrawals
Users can now withdraw ETH directly from Immutable X and have it hit their bank accounts as U.S. dollars.
- Immutable X users can now withdrawal ETH funds directly to their bank accounts in U.S. dollars.
- The new functionality is powered by the crypto fintech company Moonpay.
- The service is currently only available in the EU, U.K., and select U.S. states.
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The Ethereum Layer 2 solution Immutable X has added crypto-to-fiat functionality in the latest version of its software developer kit.
Immutable Enables ETH-to-Dollar Withdrawals
Immutable is making it more convenient to switch between ETH and U.S. dollars.
The Ethereum Layer 2 project announced Tuesday that the latest version of its software developer kit now includes crypto-to-fiat off-ramp functionality. Developers building on Immutable X can now enable their users to sell ETH and have the proceeds deposited directly to their bank accounts in U.S dollars.
“Every game, marketplace and app building on @immutable just got fiat offramps. One more step to mainstream,” said Immutable co-founder Robbie Ferguson in a Twitter post announcing the update. Immutable X is an Ethereum Layer 2 built using StarkWare’s Zero-Knowledge Rollup technology. The platform provides tooling for developers to easily integrate NFTs into their games and applications while taking advantage of the low fees of its Layer 2 network.
Immutable X’s new feature is powered by Moonpay, a financial technology company that builds payment infrastructure for cryptocurrencies. While Moonpay prides itself on making crypto purchases easier, its fees are often higher than withdrawing through centralized exchanges. According to the Moonpay website, the company 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 sales.
While the new functionality will make it easier for users to move their ETH funds off Immutable X, the feature has a few limitations. There is currently a minimum withdrawal amount of 0.015 ETH, and the service is only available in the EU, U.K., and select U.S. states. Additionally, before using the ETH off-ramp, users will need to pass Moonpay’s anti-money laundering and know-your-customer verification.
The new crypto-to-fiat off-ramp is not the only recent update from Immutable designed to help increase crypto adoption. In June, the company launched a $500 million fund to boost the adoption and growth of its gaming and NFT-focused ecosystem.
Disclosure: At the time of writing this piece, the author owned ETH, IMX, and several other cryptocurrencies.