MetaMask Users Can Now Convert Ether to Fiat Directly from Layer-2 Networks with Ramp Network
MetaMask users now have the ability to withdraw Ether from layer-2 (L2) networks directly into fiat currencies, thanks to an expanded collaboration with Ramp Network, a leading crypto on- and off-ramping solution.
Simplified Cash-Out Process for Layer-2 Networks
The integration streamlines the previously complex process of converting cryptocurrency to fiat by offering faster, cost-efficient withdrawals from L2 networks such as Optimism, Polygon, and BNB Chain. With support for over 35 fiat currencies, users can avoid the high fees and delays often associated with Ethereum mainnet withdrawals.
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This feature addresses the growing demand from Ethereum L2 users for direct methods to cash out crypto funds without relying on centralized exchanges or lengthy bridging processes.
Direct Fiat Withdrawals via MetaMask
MetaMask users holding Ether on L2 networks can now seamlessly convert their holdings into fiat through instant bank transfers in the U.S. and real-time payouts via SEPA Instant in Europe.
Szymon Sypniewicz, CEO of Ramp Network, emphasized the importance of maintaining blockchain’s decentralized principles while simplifying the off-ramping process:
“Our goal is to eliminate unnecessary steps like bridging or relying on centralized exchanges. This integration provides users with a secure and direct method to exchange their crypto on L2s into fiat.”
Unlocking Liquidity and Reducing Costs
By enabling direct withdrawals from L2 networks, Ramp Network helps users take advantage of the lower fees and faster transactions these networks offer compared to Ethereum’s mainnet, which faces congestion and scalability challenges.
Sypniewicz also noted the added benefits for both seasoned and novice crypto users:
Experienced users can avoid risks and inefficiencies tied to bridging.
Newer users benefit from a streamlined process, minimizing the likelihood of costly mistakes.
Bridging Web3 and Web2 for Mainstream Adoption
The trend of simplifying crypto-fiat conversions continues across the blockchain ecosystem. On January 9, Transak partnered with Ronin Network to enable fiat-to-crypto transactions and NFT purchases using familiar payment methods like Apple Pay and credit cards.
This growing focus on user-friendly solutions signals a broader effort to make blockchain and crypto accessible to Web2 users, paving the way for mainstream adoption.
Ramp Network’s collaboration with MetaMask marks a significant step in bridging the gap between traditional finance and decentralized networks, offering a streamlined, secure pathway for users to access and utilize their crypto assets.
