EU-based fintech big Revolut has tapped Polygon as its “go-to stack for stablecoin transfers, funds, and buying and selling.”
“With over 65 million customers throughout 38 nations, Revolut’s integration marks a pivotal second, permitting customers who opt-in to ship and obtain cash by way of Polygon’s rails seamlessly, with out high-fees or the silo of borders,” Polygon Labs wrote in an announcement on Tuesday. “Native on- and off-ramps within the Revolut app guarantee seamless consumer expertise.”
The transfer is a part of a “first section of shut collaboration” between Revolut and Polygon, which has already turn out to be a dominant blockchain-based platform for the neobank’s customers. In response to the discharge, Revolut customers have processed greater than $690 million in quantity over Polygon as of November.
As a part of the partnership, Revolut will combine Polygon-based providers straight into its app, unlocking simpler stablecoin transfers and remittances utilizing USDC and USDT, in-app crypto card funds, POL token staking.
“Gasoline prices on eligible transfers are coated, which implies free transfers for customers, and vital financial savings for cross-border remittances,” Polygon Labs famous.
The announcement comes on the heels of Mastercard tapping Polygon to energy the preliminary enlargement of its Mastercard Crypto Credential id resolution to self-custody wallets, with Mercuryo as the primary consumer. Polygon can also be powering DeCard’s new service provider stablecoin function and R25’s rcUSD+ digital greenback.
About $3.2 billion value of stablecoins have been issued on Polygon, based on The Block’s information dashboard.
Final month, Polygon rolled out its Rio improve that launched stateless block verification and different vital modifications to make the community sooner and lighter for world funds and real-world asset use.
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