In a Pinch? This Tool Lets You Withdraw Money Wherever You Are!
When people find themselves in urgent need of cash, this tool can be very convenient; users have been known to withdraw money whenever and wherever possible.
Ethereum scaling solution Immutable X will enable users to get U.S. dollars in their bank accounts on ether withdrawals, developers said this week.
Any developer building on Immutable can use the ether offramp. They can enable their users to sell the layer 2-based ether and have the proceeds deposited directly to their bank accounts.
Immutable X, a layer 2 solution, allows for faster and cheaper transactions than the Ethereum mainnet. As per developer documents, Immutable can process over 9,000 transactions per second (tps), while the Ethereum network averages 10.54 tps as of Thursday morning.
This is one of the first instances of a layer 2 application that allows users to directly withdraw ether holdings to U.S. dollars via crypto payments firm Moonpay.
The withdrawal service is currently available only in the European Union, the UK, and some U.S. states.
In an exclusive interview with CoinDesk, Robbie Ferguson, the founder of the crypto platform that allows for loans with cryptocurrency as collateral, explained that this service is necessary in times when centralized lenders have been causing problems for the crypto community.
"The recent failure of centralized products has brought home to everyone the importance of decentralized ownership," Ferguson tweeted. "Now, ETH holders can convert their holdings into cash in their bank accounts."
Withdrawals on popular, but centralized, crypto lending platforms, such as Celsius, have been put on hold because the crypto market saw contagion risk in June stemming from the collapse of terraUSD (UST) in mid-May and Three Arrows Crypto Fund in June.