MetaMask teams up with Ramp for direct L2 cashouts.

The on- and off-ramping solution aims to streamline the traditionally complex cashout process, offering faster and more cost-effective withdrawals from L2 networks like Optimism, Polygon, and BNB Chain.

The new feature supports over 35 fiat currencies, providing an alternative to mainnet withdrawals, which often come with higher fees and slower processing times. This update caters to Ethereum L2 users seeking direct access to convert wallet funds into cash without transferring through exchanges.

Ramp Network’s CEO, Szymon Sypniewicz, told Cointelegraph that the off-ramp is designed to eliminate unnecessary steps like bridging or relying on centralized exchanges (CEXs). “Our goal is to simplify the process while adhering to the decentralized principles of blockchain technology,” he said. 

The integration offers users a secure, direct method to exchange crypto on L2 networks for fiat currencies, unlocking liquidity in these networks, which are known for lower fees and reduced congestion compared to Ethereum’s mainnet.

Sypniewicz added that the off-ramp ensures security and usability, simplifying the process for all users. Experienced users avoid the inefficiencies of bridging, while less experienced users are protected from complex steps that could lead to costly mistakes.

On January 9, global on-ramp provider Transak partnered with Ronin Network, a gaming-focused blockchain developed by Sky Mavis, to simplify fiat-to-crypto transactions and NFT purchases. Ronin users can now buy the network’s native RON token and other cryptocurrencies using familiar payment methods like Apple Pay and credit cards. 

Additionally, they can purchase NFTs directly through Transak’s NFT Checkout service.

This partnership aligns with a broader trend of simplifying fiat-to-crypto conversions as crypto adoption grows, making it easier for Web2 users to transition into the Web3 ecosystem.