Ethereum scaling solution immutable X will allow Ether-to-dollar withdrawals

CoinDesk Analysis Team CoinDesk

Ethereum scaling solution Immutable X will allow users to receive U.S. dollars in their bank accounts on ether withdrawals, developers said this week.

The ether offramp is available to any developer building on Immutable. Developers can enable their users to sell the layer 2-based ether and have the proceeds deposited directly to their bank accounts.

Decentralized layer 2 solutions like Immutable X enable faster, cheaper, and more energy-efficient transactions than the Ethereum mainnet. As per developer documents, Immutable can process over 9,000 transactions per second (tps), while the Ethereum network averages 10.54 tps as of Thursday morning.

This is one of the first instances of a layer 2 application allowing users to directly withdraw ether holdings to U.S. dollars. The fiat transactions are processed via crypto payments firm Moonpay.

The withdrawal service is currently available only in the European Union, the UK, and select U.S. states.

Immutable founder Robbie Ferguson told CoinDesk that the service comes at a time when the crypto community faces troubles from centralized crypto lenders.

“Centralized products failing over the past 6 months have made painstakingly clear the importance of decentralized ownership,” Ferguson said in a Twitter message. “Now anyone can take their ETH and receive USD in their bank accounts.”

Withdrawals on popular, but centralized, crypto lending products, such as Celsius, remain paused as the crypto market saw contagion risk in June stemming from the collapse of terraUSD (UST) in mid-May and crypto fund Three Arrows in June.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin rebounds after testing an intraday low at $60,000 amid persistent retail investor exit. Ethereum shows subtle signs of recovery, but ETFs outflows limit upside. XRP gains by over 10% on Friday amid mild ETF inflows and a drop in futures Open Interest to $2.40 billion.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Pi Network hits record low despite plans to deploy KYC validator rewards in March

Pi Network hovers above $0.1400 on Friday, up from the $0.1300 record low seen earlier in the day. The sell-off continues even as Pi Network has announced that it will distribute KYC validator rewards by the end of March.

Bitcoin Price Annual Forecast: BTC holds long-term bullish structure heading into 2026

Bitcoin (BTC) is wrapping up 2025 as one of its most eventful years, defined by unprecedented institutional participation, major regulatory developments, and extreme price volatility.

Bitcoin: The worst may be behind us

Bitcoin (BTC) price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.