Support for the Polygon Network and MATIC has Been Added to BitPay
New York City: In a press release from October 26, 2022, BitPay said that the Polygon network and the MATIC token can now be used on its platform. This enables users to purchase, store, trade, and spend MATIC directly from inside the BitPay app.
BitPay Is Now Compatible With Polygon And MATIC
Support for Polygon (MATIC), a premier Ethereum layer-2 scaling network, has been enabled by BitPay, a company that is considered to be one of the pioneers of Bitcoin (BTC) and crypto payments. Users of BitPay located in any part of the world may now make payments using MATIC tokens and spend other ERC-20 assets, including as USDC, DAI, ETH, and WBTC, by way of the Polygon Network thanks to the integration.
In a similar spirit, BitPay merchants will be able to take Polygon payments from a wide variety of Polygon wallets in a seamless manner.
According to the announcement, Panini America, a leading publisher of children’s magazines, comics, graphic novels, and a digital collectibles marketplace with more than 1,000 collection launches each year, will be the first merchant to accept MATIC through BitPay. Panini America is a top publisher of children’s magazines, comics, graphic novels, and digital collectibles marketplace.
Collectors have access to thousands of National Football League, National Hockey League, and other NFTs via the Panini NFT marketplace, and the integration of MATIC will enable users to take advantage of the reduced transaction costs that are associated with the Polygon network.
Polygon’s (MATIC’s) Efforts to Speed Up Web3 Adoption
Layer-2 solutions, such as Polygon, have become the go-to option for participants in the metaverse and the decentralized finance (DeFi) market. This is despite the fact that Ethereum’s mainnet continues to hold the title of the most advanced smart contracts blockchain in the world. However, Ethereum’s inability to scale and the frequently exorbitant gas fees on the network have made layer-2 solutions the solution of choice.
Polygon has executed over 2.1 billion transactions since its introduction during the crypto summer of 2017. It has 174.9 million unique user addresses and is home to more than 37,000 decentralized apps (dApps).
BitPay CEO Stephen Pair made the following statement in response to the integration of Polygon: “Polygon’s utility and massive community make it a good fit for the BitPay ecosystem, which already supports a vast array of established crypto assets including Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and a host of other cryptocurrencies.” Polygon is a decentralized platform that allows users to create and manage their own blockchains. The public testnet of Polygon’s zkEVM, which is the first open-source zk-Rollup scaling solution, has been successfully deployed. This solution is intended to provide unmatched reductions in gas fees and lightning-fast transaction speeds.
At the time of this writing, the price of Polygon’s native MATIC is fluctuating about $0.93, and the market value for the cryptocurrency is now sitting at $8.23 billion.