Users can now make ETH-to-dollar withdrawals directly from Immutable X. This new functionality is thanks to cryptocurrency tech company Moonpay. At the moment, it is only available in the European Union, the United Kingdom and some states in the United States.
Ethereum’s layer 2 solution, Immutable X, has added cryptocurrency functionality to fiat in the latest version of its software development kit.
Immutable allows withdrawals from ETH to fiat
The Ethereum Layer 2 project announced a couple of days ago that the latest version of its software development kit includes the new crypto-to-fiat output functionality. Developers building on Immutable X can now allow their users to sell Ethereum (ETH). But, in addition, that those withdrawals are deposited directly into their bank accounts.
“All games, markets, and apps built on @immutable have just received fiduciary licences. One more step into the mainstream,” Immutable co-founder Robbie Ferguson said in a Twitter post.
Immutable X is a layer 2 of Ethereum built on StarkWare’s Zero-Knowledge Rollup technology. The platform provides tools for developers to easily integrate NFT into their games and apps while taking advantage of its low Layer 2 network fees.
Immutable X’s new feature is powered by Moonpay, a fintech company that builds payment infrastructure for cryptocurrencies. While Moonpay prides itself on making cryptocurrency purchases easy, its fees are often higher than withdrawals through centralized exchanges.
Note: According to the Moonpay website, the company charges a 1% fee on all cryptocurrency bank to fiat transfers and a dynamic network fee on all purchases and sales of BTC, ETH, and ERC20 tokens.
While the new functionality will make it easier for users to withdraw their ETH funds outside of Immutable X, the feature currently has some limitations:
Minimum withdrawal amount of 0.015 ETHService only available in the EU, UK and some US states.To make withdrawals, users will need to pass anti-money laundering and know your customer (KYC/AML) verification of moonpay.
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