Ether To Dollars Withdrawal Coming Soon
Immutable X Scaling Ethereum Solution to enable users to withdraw U.S. dollars
Developers announced this week that Immutable X, an Ethereum scaling solution, will enable customers to receive US dollars in their bank accounts on ether withdrawals.
Any developer using Immutable can use the ether offramp.
The layer 2-based ether may be sold by users, and the revenues can be put into their bank accounts. Developers can permit this.
Immutable X and other decentralized layer 2 solutions make transactions quicker, less expensive, and more energy-efficient than on the Ethereum mainnet.
Immutable can execute over 9,000 transactions per second, according to developer docs, whereas the Ethereum network averages 10.54 tps as of Thursday morning.
One of the earliest instances of a layer 2 application enabling users to instantly convert their ether holdings to dollars is in this case. The crypto payments company Moonpay handles the processing of the fiat transfers.
Only the UK, a few U.S. states, and the European Union presently provide the withdrawal service. The service is being offered at a time when the cryptocurrency community is having issues with centralized crypto lenders, according to Immutable creator Robbie Ferguson to CoinDesk.
Ferguson wrote on Twitter, “Centralized goods failing over the past six months have painfully made plain the need for decentralized ownership.” Anybody may now withdraw ETH and receive USD in their bank accounts.
Withdrawals on well-known but centralized crypto loan products like Celsius are still on hold as the crypto market experienced contagion risk in June as a result of the failure of the cryptocurrency funds Three Arrows and terraUSD (UST) in mid-May and June, respectively.