Ramp Network Expands Partnership With MetaMask To Enable Direct Ethereum Layer 2 Cashouts For Users
In Brief
Ramp Network expands its partnership with MetaMask, enabling users worldwide to sell ETH from Ethereum Layer 2 networks directly for cash, with support for over 35 fiat currencies.
Financial technology company Ramp Network, known for building payment rails connecting cryptocurrency to the global financial system, announced an expansion of its long-standing partnership with self-custodial cryptocurrency wallet MetaMask. Starting today, MetaMask users globally can sell ETH tokens held on Ethereum Layer 2 networks directly for cash, with support for over 35 fiat currencies.
“We’re thrilled to deepen our partnership with MetaMask by introducing direct Layer 2 cashouts,” said Szymon Sypniewicz, CEO at Ramp Network, in a written statement. “Layer 2s are the future of crypto, and we’re making it dramatically simpler for MetaMask users to move in and out: what used to take 12+ complex steps can now be done in just a few clicks,” he added.
The introduction of Ethereum Layer 2 off-ramps enhances the cashout experience for MetaMask users by making it faster, simpler, and more cost-effective. Users can now convert their ETH cryptocurrency into cash directly from their wallet within seconds. At launch, Ramp Network supports ETH off-ramps for Layer 2 networks such as Optimism, Polygon, BNB Chain, and others.
Cashing out from Web3 wallets has traditionally been a complex and time-consuming process, often requiring multiple steps such as bridging assets, transferring to an exchange, and withdrawing funds to a bank account. With Ramp Network’s Layer 2 cash-out service, this process is simplified, reducing the time from up to an hour to less than a minute.
The integration with MetaMask builds on Ramp Network’s previous success and offers added convenience for users of the popular wallet. By supporting a broad range of Layer 2 networks, Ramp Network provides more utility for MetaMask users, facilitating seamless conversions between fiat and cryptocurrencies. The platform allows MetaMask users to bypass several cumbersome steps, particularly by removing the need for the Ethereum mainnet. This enhancement accelerates cashouts, making them twice as fast and more cost-effective by eliminating bridging fees and additional gas costs.
Ramp Network’s Integration With MetaMask Streamlines And Accelerates Cashouts During Bull Market, Enhancing User Experience
The announcement coincides with a period of rising cryptocurrency prices. Bitcoin recently surpassed the $100K mark for the first time, and other cryptocurrencies, such as Ethereum, have followed suit, with ETH increasing by more than 50% over the past 30 days. During such market surges, many users look to cash out quickly to secure gains or liquidate investments before a potential downturn. Ramp Network’s integration with MetaMask streamlines this process, allowing for faster transactions with minimal delays.
With support for instant bank transfers in the US, real-time payouts via SEPA Instant in Europe, and global card services, MetaMask users can easily exchange their Layer 2-based ETH tokens for over 35 currencies in more than 130 countries.
Ramp Network has become one of the most popular on- and off-ramp services for MetaMask users, and the latest integration strengthens this partnership. Looking ahead, Ramp Network plans to expand its support to include more tokens, blockchains, and Layer 2 networks on MetaMask, ensuring that users have access to seamless, cost-effective fiat-to-crypto and crypto-to-fiat transactions.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
