Immutable continues to listen to its community and build for the future
Immutable X has introduced an off-xramp for ETH. Now, users of dapps built on the Immutable X blockchain can transfer their cryptocurrency directly to their bank account. Today’s news from Immutable, the company behind the network, is a sign that the platform is going full steam ahead towards a bright future.
Summary
- Immutable X is a network built primarily for gaming. Titles like Gods Unchained, Guild of Guardians, Illuvium and Highrise are all built on the platform.
- While other platforms are reining in expenditure and looking to cut costs, Immutable X is developing its product now, in time for when the industry recovers.
- As more and more companies make cryptocurrency transactions easier, society should anticipate the mass adoption of blockchain technology.
Despite some of the bad news stories surrounding web3 at the moment, Immutable is continuing to expand what’s possible on its Immutable X network.
The company behind Immutable X has made a string of announcements recently, all of which DappRadar has reported on. This latest news, that developers building on the network can now enable ETH off-ramps, is another sign that blockchain technology is in good hands.
Immutable X implements an ETH off-ramp
Immutable X has introduced an ETH off-ramp for developers building on the platform. Users of dapps built on the network can now sell ETH and receive the proceeds directly to their bank accounts.
The minimal withdrawal amount is set at 0.015 ETH. Check out ETH using our Token Explorer to find out much that is in dollar value. Users can choose which fiat currency they want to turn their ETH into.
Only end users from the US, UK and Europe have access to the ETH off-ramp for now. Immutable will also implement the feature for its native marketplace in Q3 2022.
‘Every game, marketplace and app building on Immutable just got fiat off-ramps,’ said Immutable co-founder Robbie Ferguson. ‘One more step to mainstream.’
It’s that final sentence that should have the web3 community excited. Soon, transactions with cryptocurrencies will be so seamless that people won’t see a difference between ETH and USD or BNB and GBP. Mass adoption is already looking like a case of when, and not if.
Immutable X continues to build
The move comes as the team behind Immutable X continues to find ways to improve its ecosystem for developers. They also recently announced a $500 million fund to entice creators to the platform.
DappRadar also reported last week on Immutable X’s new self-custodial staking protocol. Following a recent string of account freezes and DeFi collapses, Immutable is clearly making a conscious effort to allay any fears over using its blockchain.
Achieving so many milestones in quick succession has done nothing to hurt the price of Immutable X’s IMX token. In the past 24 hours, it’s gone up by 5.4%. And in the past seven days, it’s risen by 8.8%.
Overall, the token value is 89% off its all-time high but its recent upswing shows the true value that platforms can find when they build products that their community finds useful.
Immutable X in collaboration with MoonPay
Immutable X’s crypto to fiat functionality was done in collaboration with MoonPay. MoonPay is a platform that offers a fast and easy way to buy and sell cryptocurrencies. The two teams have already worked together, when Immutable X selected MoonPay as its partner to deliver a direct on-ramp for dapps built on its blockchain.
MoonPay has made a name for itself as the method of choice for many users who want to purchase NFTs but don’t know how to acquire cryptocurrencies. It’s a great gateway for new web3 users who want to enter the blockchain world but haven’t fully grasped the complexities of decentralized marketplaces, gas fees and token swapping.
The MoonPay platform enables the final transaction, from crypto to fiat. As with everything that MoonPay does, this tool is built with the user in mind. So expect ease of use and an intuitive experience if you ever find yourself moving your cryptocurrency from an Immutable X dapp into your bank account.
As the Immutable X story progresses at pace, we’ll keep you updated with everything via our blog and Twitter feed.
