{"id":996,"date":"2022-07-13T18:36:20","date_gmt":"2022-07-13T18:36:20","guid":{"rendered":"https:\/\/grandpascrypto.com\/?p=996"},"modified":"2022-07-13T18:36:22","modified_gmt":"2022-07-13T18:36:22","slug":"immutable-x-to-allow-eth-to-dollar-withdrawals","status":"publish","type":"post","link":"https:\/\/grandpascrypto.com\/immutable-x-to-allow-eth-to-dollar-withdrawals\/","title":{"rendered":"Immutable X to Allow ETH-to-Dollar Withdrawals"},"content":{"rendered":"\n<p><em><strong>tl;dr Summary:<\/strong> Ethereum scaling solution Immutable X will now provide the functionality to withdraw ETH tokens directly to their bank accounts.&nbsp;<\/em><\/p>\n\n\n\n<p>Immutable X, a scaling solution built using StarkWare&#8217;s Zero-knowledge Rollup technology, recently <a href=\"https:\/\/twitter.com\/Immutable\/status\/1544155189166641152?s=20&amp;t=6_d1u9vTgFpxDOiatGQP-w\">announced<\/a> that the latest version of their software development kit (SDK) will now include a <a href=\"https:\/\/docs.x.immutable.com\/docs\/link-crypto-to-fiat\/\">crypto-to-fiat-off-ramp<\/a> procedure.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">1\/ Major update! <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> offramp is now available to any developer building an <a href=\"https:\/\/twitter.com\/Immutable?ref_src=twsrc%5Etfw\">@Immutable<\/a> X powered platform<br><br>Developers can enable their users to sell L2 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> and have the proceeds deposited directly to their bank accounts. <a href=\"https:\/\/t.co\/DmiyWV8wYy\">https:\/\/t.co\/DmiyWV8wYy<\/a><br><br>Continue below\ud83d\udc47 <a href=\"https:\/\/t.co\/Uhm214oy2E\">pic.twitter.com\/Uhm214oy2E<\/a><\/p>&mdash; Immutable | $IMX \u24e7 (@Immutable) <a href=\"https:\/\/twitter.com\/Immutable\/status\/1544155189166641152?ref_src=twsrc%5Etfw\">July 5, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>This ability will be available to any developer building on Immutable X. Developers can now give their users the option to sell layer 2-based ether and have the money deposited into their bank accounts.&nbsp;<\/p>\n\n\n\n<p>Unlike the Ethereum mainnet, decentralized layer-2 solutions like Immutable X allow faster, less expensive, and more energy-efficient transactions. According to developer docs, immutable can execute more than 9,000 transactions per second (TPS). In contrast, the Ethereum network <a href=\"https:\/\/ethtps.info\/\">averages 10.54 <\/a>TPS currently.<\/p>\n\n\n\n<p>&#8220;Every game, marketplace and app building on @immutable just got fiat offramps. One more step to mainstream,&#8221; said Immutable co-founder Robbie Ferguson in his <a href=\"https:\/\/twitter.com\/0xferg\/status\/1544166345402568704?s=20&amp;t=g468-kKPyH6xXLeny24G3w\">Twitter post<\/a>.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Every game, marketplace and app building on <a href=\"https:\/\/twitter.com\/Immutable?ref_src=twsrc%5Etfw\">@immutable<\/a> just got fiat offramps.<br><br>One more step to mainstream. <a href=\"https:\/\/t.co\/uFOpGKMHgY\">https:\/\/t.co\/uFOpGKMHgY<\/a><\/p>&mdash; Robbie Ferguson \u24e7 &#8211; Hiring! (@0xferg) <a href=\"https:\/\/twitter.com\/0xferg\/status\/1544166345402568704?ref_src=twsrc%5Etfw\">July 5, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Moonpay, a financial technology firm that develops payment infrastructure for cryptocurrencies, will power this new functionality of Immutable X.&nbsp;<\/p>\n\n\n\n<p>This system looks to be one of the first examples of a layer-2 application, or subsidiary blockchain, that enables users to withdraw their ether holdings in full and convert them to dollars.<\/p>\n\n\n\n<p>The new feature comes with some restrictions. The service is only available in the EU, U.K., and a few U.S. jurisdictions. The minimum withdrawal value is presently 0.015 ETH. Users must also satisfy Moonpay&#8217;s anti-money laundering and know-your-customer verification processes before using the ETH offramp.&nbsp;<\/p>\n\n\n\n<p>Moonpay will take a 1% processing fee and a dynamic network fee for BTC, ETH, and ERC 20 tokens.<\/p>\n\n\n\n<p>This launch comes at a time when the crypto community is struggling with withdrawals paused on centralized crypto lenders like Celsius, Block-Fi, and others. Hopefully, this will provide a more reliable platform for fiat off-ramps.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum scaling solution Immutable X will now provide the functionality to withdraw ETH tokens directly to their bank accounts. <\/p>\n","protected":false},"author":2,"featured_media":999,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[68,226,100,1580,1127,1450,1195,241,230],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grandpascrypto.com\/immutable-x-to-allow-eth-to-dollar-withdrawals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Immutable X to Allow ETH-to-Dollar Withdrawals - 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