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MetaMask users can now withdraw Ether from layer-2 networks directly into fiat currencies via Ramp Network.
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Ramp Network, an on- and off-ramping solution, has announced that MetaMask users can now withdraw Ether directly from layer-2 (L2) networks into fiat currencies thanks to an expanded partnership between the two entities.
Ramp Network says the integration will simplify the traditional, more complex crypto cashout process by enabling faster and cost-effective withdrawals from L2 networks like Optimism, Polygon and BNB Chain.
The new feature, which supports over 35 fiat currencies, is intended to provide users with an alternative to mainnet withdrawals often associated with higher fees and delayed processing times.
This comes at a time when many Ethereum L2 users are seeking more direct access to turn their crypto wallet funds into cash without transferring them to an exchange.
Related: Crypto wallet Phantom confirms it won’t launch a token amid airdrop rumors
Direct L2 cashouts via MetaMask
MetaMask users with Ether (ETH) held on L2 networks can convert to fiat currencies thanks to instant bank transfers in the US and real-time payouts via SEPA Instant in Europe.
Szymon Sypniewicz, CEO at Ramp Network, told Cointelegraph that the off-ramp is designed to “eliminate unnecessary steps like bridging or relying on CEXs.”
“Our goal is to simplify the process while maintaining the decentralized principles of blockchain technology,” Sypniewicz said. “[We offer] users a direct and secure way to exchange their crypto on L2s directly to fiat.”
Related: Brazil proposes to ban stablecoin withdrawals to self-custodial wallets
Off-setting Ethereum mainnet costs
L2 off-ramps help unlock the liquidity of these networks, which offer lower transaction fees than Ethereum’s mainnet due to scalability limitations and congestion issues.
Sypniewicz told Cointelegraph that security for L2 off-ramping is provided through a “secure and straightforward process that benefits all users.”
“Pro users can avoid the risks and inefficiencies of bridging, while less experienced users are spared from complex steps, reducing the likelihood of costly mistakes.”
Related: MetaMask co-founder: Memecoins reveal Web3 and AI consent flaws
Web3 made easier for Web2 users
On Jan. 9, global crypto on-ramp Transak partnered with Ronin Network, a gaming-focused blockchain that Sky Mavis developed to simplify fiat-to-crypto transactions and non-fungible token (NFT) purchases.
The partnership follows a trend of firms looking to simplify the process of converting fiat into crypto and vice versa as crypto becomes steadily more mainstream and brings Web2 users into the fold.
Ronin users can now purchase the network’s native RON (RON) token, among others, through familiar payment methods like Apple Pay and credit cards and purchase NFTs directly through Transak’s NFT Checkout service.
Magazine: Stablecoin for cyber-scammers launches, Sony L2 drama: Asia Express
This article first appeared at Cointelegraph.com News
