Categories: Market

Polygon provides fiat driveways through Alchemy Pay and enables direct fiat payments to DeFi

Press release

This move will kick off a rapid development phase for DeFi on Polygon by expanding capital inflows from Visa, Mastercard, PayPal, Shopify, and more.

Singapore, November 8, 2021 – Polygon, an Ethereum scaling platform that grossed Web3 million, announces the addition of convenient and flexible fiat payment tokens to the Polygon network thanks to a new partnership with Alchemy Pay.

Alchemy Pay will bridge the gap between fiat and crypto payments by embedding it on the polygon network so any polygon-based protocol can set up fiat at the intersection. The new feature is expected to drive the next phase of development for Polygon’s DeFi ecosystem.

More than 4,000 applications hosted in Polygon’s DeFi ecosystem can now transact their DeFi application via direct fiat routing to traditional financial payment platforms such as Visa, Mastercard, PayPal and many local payment channels around the world. The move will also make payments easier via DeFi apps on ecommerce platforms like Shopify and others. Alchemy Pay currently processes $ 5 million in transactions daily, mostly from Asia and Europe. In the US, a larger volume of transactions is expected once Shopify completes the integration with Polygon in late 2021.

Polygon co-founder Sandeep Nailwal said, “DeFi protocols are thriving, but Ethereum’s usability challenges on a global scale have slowed development. Scaling solutions are critical to DeFi’s ability to become ubiquitous. Polygon solved Ethereum’s problem of slow and expensive transactions, and now, thanks to Alchemy Pay, we can provide an essential gateway between fiat and crypto transactions. This development opens up new capital penetrations that will take users of Polygon’s DeFi ecosystem to the next level of their commercial development. ”

Polygon’s full-stack scaling solution is leading the way in reducing congestion on the Ethereum backbone. In September, the number of daily active users on Polygon regularly exceeded the number of users on Ethereum. However, Polygon is not a rival of Ethereum, but makes it easier to use platforms in the Ethereum network.

However, DeFi proponents recognize that Ethereum also needs to find more ways to incorporate Fiat into the ecosystem. The network’s ability to process fiat-to-cryptocurrency transactions will be critical to attracting new users.

“The integration of fiat payment options is key to the goal of a smooth payment experience in crypto networks,” said John Tan, CEO of Alchemy Pay. “It will reduce the tendency of users to hold tokens in the long term and make their use in decentralized applications more attractive. This, in turn, will attract developers who want to create DApps that people can actually use. Both Polygon and Alchemy Pay allow people to use blockchain applications and DeFi platforms instead of just speculating on tokens. ”

Nailwal added, “With the combined crypto support from Alchemy Pay, Polygon will now have a much broader scope and gain acceptance. By providing Polygon and Ethereum with more seamless and flexible fiat crypto payment channels, Alchemy Pay is helping the DeFi sector at a fundamental level. ”

Polygon and Alchemy Pay are also part of the newly formed Blockchain Infrastructure Alliance (BIA) of infrastructure builders and leaders in the industry. BIA consists of cryptocurrency exchanges, stablecoin issuers, DeFi platforms, payment solutions and other essential roles to collectively promote and accelerate the growth and advancement of cryptocurrencies and the blockchain space. BIA funds blockchain research and funds projects that aim to optimize decentralized finance and blockchain infrastructure.

Please contact us for more information:

Jon reader

Cryptoland PR for Polygon

[email protected]

Via Alchemy Pay

Alchemy Pay is an integrated provider of crypto and crypto gateway solutions that provides merchant networks, developers and financial institutions with seamless adoption of crypto and cryptocurrencies. The company is promoting the adoption of blockchain technology by making cryptocurrency investments, commercial transactions, and DeFi services easily accessible to consumers and institutions in the fiat economy. Today, Alchemy Pay supports over 60 countries with 200 payment channels and has touchpoints with over 2 million merchants through partnerships with industry giants such as Binance, Shopify, Arcadier, QFPay and more.

Introduction to polygons

Polygon is the leading platform for scaling and infrastructure development for Ethereum. The constantly growing product suite offers developers easy access to all important infrastructure and scaling solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, enterprise and standalone chains, data provision solutions and more. Polygon’s scaling solutions have been widely used with over 3000 applications hosted, ~ 600 million total transactions processed, ~ 60 million unique user addresses, and a product backed by over $ 5 billion accounts guaranteed.

If you are an Ethereum developer, you are already a Polygon developer! Use Polygon’s fast and secure Txns for your DApp, start here.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.