Immutable X Allows Users To Sell ETH For Fiat Currency
The layer 2 Ethereum platform for NFT Immutable X will allow users to convert ETH into fiat currency and transfer it to their bank accounts.
The exception will be available to any developer building on Immutable. The functionality is integrated into the SDK v1.21.3+ software toolkit and is a collaboration between Immutable and the Moonpay payment platform.
The exchange allows users to sell ETH held on the layer 2 Immutable X solution directly for fiat. These funds will be deposited directly into the bank account specified by the user. There are no gas fees for this process, only Moonpay transaction fees. Withdrawals take place directly on L2 through a transfer to a Moonpay account.
According to the developer documentation, Immutable can process over 9,000 transactions per second (tps), while the Ethereum network averages 10.54 tps. This is one of the first instances of a layer 2 application that allows users to directly withdraw ETH to USD. The withdrawal service is currently only available in the European Union, the United Kingdom, and some US states.
Founder Robbie Ferguson stated that the reason Immutable decided to implement the above plan was to strengthen the trust of users as well as lift them up during a time when the crypto community is facing troubles from the liquidity crisis caused by lending platforms.
“Centralized products failing over the past 6 months have made painstakingly clear the importance of decentralized ownership. Now anyone can take their ETH and receive USD in their bank accounts.”
Overall, Immutable has continued to prove that the platform is truly becoming one of the most active and powerful projects in the market today, despite the downturn showing no signs of stopping. Just about two weeks ago, the platform raised a $500 million fund to develop Web3 games.
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