CoinDesk Analysis Team
CoinDesk
Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on ether withdrawals, developers said this week.
The ether offramp is available to any developer building on Immutable. Developers can enable their users to sell the layer 2-based ether and have the proceeds deposited directly to their bank accounts.
Decentralized layer 2 solutions like Immutable X enable faster, cheaper, and more energy-efficient 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 allowing users to directly withdraw ether holdings to U.S. dollars. The fiat transactions are processed via crypto payments firm Moonpay.
The withdrawal service is currently available only in the European Union, the UK, and select U.S. states.
Immutable founder Robbie Ferguson told CoinDesk that the service comes at a time when the crypto community faces troubles from centralized crypto lenders.
“Centralized products failing over the past 6 months have made painstakingly clear the importance of decentralized ownership,” Ferguson said in a Twitter message. “Now anyone can take their ETH and receive USD in their bank accounts.”
Withdrawals on popular, but centralized, crypto lending products, such as Celsius, remain paused as the crypto market saw contagion risk in June stemming from the collapse of terraUSD (UST) in mid-May and crypto fund Three Arrows in June.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.