Polygon, one Ethereum expansion platform, As a result of a new partnership with Alchemy Pay, today announced the addition of statutory payment portals to its network.
Alchemy Pay will build a bridge between legal and encrypted payments by embedding in the Polygon network, enabling any Polygon-based protocol to establish legal access. In addition, this move will simplify DeFi application payments on e-commerce platforms such as Shopify and other networks.
More than 4,000 hosted applications in Polygon’s DeFi ecosystem will now be able to transact on its DeFi applications through direct fiat entry to traditional financial payment platforms such as Visa, Mastercard, PayPal, and multiple local payment channels.
Currently, Alchemy Pay processes US$5 million in transactions per day, mainly from Asia and Europe. After Shopify completes its integration with Polygon by the end of 2021, it is expected that US transaction volume will increase.
“The DeFi protocol has been thriving, but the global availability challenge of Ethereum has slowed its development. Scaling solutions are critical to DeFi’s ability to become mainstream. Polygon is already solving the problem of slow and costly Ethereum transactions. Now thanks to Alchemy Pay, we can provide an indispensable gateway between legal and encrypted transactions. This development opens up new capital portals and will promote users of Polygon’s DeFi ecosystem to a higher level in its business development .”
– Sandeep Nailwal, co-founder of Polygon
As a full-stack expansion platform, Polygon has become a leading solution to reduce Ethereum’s congestion. In September, Polygon’s daily active users often surpassed Ethereum. However, Polygon is not a competitor of Ethereum, but promotes activities on Ethereum.
Nevertheless, DeFi advocates acknowledge that Ethereum needs to find a way to incorporate fiat currencies into the ecosystem. The network’s ability to manage transactions between fiat and cryptocurrencies is critical to attracting users.
“The integration of fiat payment options is the key to achieving the goal of a frictionless payment experience on an encrypted network. It will reduce the tendency of users to hold tokens for a long time and make their use in dApps more attractive. In turn, this will attract Developers who want to build DApps that people can actually use. Polygon and Alchemy Pay both enable people to use blockchain applications and DeFi platforms instead of just speculating tokens.”
– John Tan, CEO of Alchemy Pay
In addition, Polygon and Alchemy Pay are also part of the newly established Blockchain Infrastructure Alliance (BIA) formed by leading blockchain infrastructure builders. BIA is composed of cryptocurrency exchanges, stable currency issuers, DeFi platforms, payment solutions and other important roles to promote and promote the growth of the cryptocurrency and blockchain space. BIA funds research and cultivation of projects aimed at optimizing DeFi and blockchain infrastructure.