MetaMask has teamed up with Ramp Network to make cashing out easier for users. Now, you can withdraw Ether directly from layer-2 (L2) networks into fiat currencies.
This partnership simplifies the cashout process. Ramp Network is an on- and off-ramping solution that allows faster and more cost-effective withdrawals from popular L2 networks like Optimism, Polygon, and BNB Chain.
The new feature supports over 35 fiat currencies. This gives users a better option than mainnet withdrawals, which often come with higher fees and longer wait times. Many Ethereum L2 users are looking for ways to turn their crypto into cash without the hassle of transferring to an exchange.
If you have Ether on L2 networks, you can convert it to fiat easily. In the U.S., you can use instant bank transfers. In Europe, real-time payouts via SEPA Instant are available. Szymon Sypniewicz, CEO of Ramp Network, mentioned that their off-ramp aims to “eliminate unnecessary steps like bridging or relying on centralized exchanges.” He added, “Our goal is to simplify the process while keeping the decentralized spirit of blockchain technology.”
L2 off-ramps unlock liquidity in these networks. They usually have lower transaction fees than Ethereum’s mainnet due to its scalability issues. Sypniewicz also noted that the process is secure and straightforward, benefiting all users. Experienced users can avoid the risks of bridging, while less experienced ones can skip complex steps, reducing the chances of costly mistakes.
On January 9, Transak, a global crypto on-ramp, partnered with Ronin Network. This gaming-focused blockchain, developed by Sky Mavis, aims to simplify fiat-to-crypto transactions and NFT purchases. This trend shows how companies are working to make it easier for people to convert fiat to crypto and back, especially as crypto becomes more mainstream. Now, Ronin users can buy the native RON token and other assets using familiar payment methods like Apple Pay and credit cards. They can also purchase NFTs directly through Transak’s NFT Checkout service.