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MetaMask and Ramp Network partnership lets users cash out directly from L2 networks

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MetaMask, a leading Ethereum wallet, has announced a new partnership with Ramp to facilitate fiat cashouts from Layer 2 networks. This move aims to simplify user experiences in decentralized finance (DeFi) by allowing users to seamlessly convert their crypto assets into fiat currencies directly from Layer 2 solutions like Arbitrum and Optimism. The integration comes at a time when Layer 2 networks are growing in popularity due to their lower fees and faster transactions compared to the Ethereum mainnet.

The new feature enables MetaMask users to cash out their assets into local bank accounts and payment methods without the need for multiple transfers. Ramp, a fiat-to-crypto payment gateway, plays a central role in this collaboration by offering its infrastructure to streamline the cashout process. The service is expected to be available in select regions initially, with plans for broader rollout in the coming months as MetaMask and Ramp expand their geographic footprint.

According to ConsenSys, the parent company of MetaMask, this integration addresses a critical gap in the DeFi ecosystem: the ability to exit directly from Layer 2 networks. “As DeFi evolves, we aim to ensure users have a frictionless experience. Fiat cashouts are an important step in making crypto more accessible to everyday users,” a ConsenSys spokesperson stated. This feature is expected to reduce user reliance on centralized exchanges, offering a more decentralized way to interact with digital assets.

The partnership highlights the growing importance of Layer 2 networks in the broader crypto landscape and MetaMask’s ongoing commitment to innovation. With this addition, MetaMask strengthens its position as a comprehensive crypto wallet, empowering users with both on-ramp and off-ramp capabilities for a seamless DeFi experience.

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