Huge deal between Polygon and Everest, a licensed firm offering blockchain solutions for eKYC, crypto custodianship and financial services
Polygon & Everest Partnership
Polygon is a market leader in scalability and infrastructure development for Ethereum. EverChain is now completely compatible with Polygon’s PoS chain as a result of the integration. Everest’s Everchain payment technology is immensely scalable. Everest offers its range of regulated financial services to Polygon’s “Internet of Blockchain” by making its EverChain fully compatible with the Polygon PoS chain. Everest customers will have access to a plethora of options, since Polygon is the top platform for Ethereum scalability.
Over the course of 2021, the DeFi space increased by a staggering 1,200 percent in terms of total locked value, which is the amount of coins pledged in the smart contracts that operate it. While encouraging future development, this spectacular expansion has grabbed the attention of authorities worldwide, despite the fact that the embryonic ecosystem is still finding its technical footing. Ethereum is the dominating force in the DeFi ecosystem, powering the majority of projects, yet it continues to suffer from previous faults, such as high gas prices and limited throughput. While Ethereum’s developers are working on a big upgrade that will address these issues, a number of other projects, like Polygon, are developing their own solutions for scaling Ethereum.
The integration significantly broadens the toolkit accessible to developers developing on Polygon, letting them to design platform-specific DeFi protocols complete with native eKYC, fiat conversions, and Everest’s adaptable $CRDT token, which represents the notion of programmable money. Developers may design $CRDT to represent any fiat currency and to restrict its usage to a certain purpose, retailer, or time period. Users may now hold $CRDT directly in their Polygon wallets as a result of the partnership.
Everest CEO Quote
Bob Reid, CEO of Everest asserts, said: “With interoperability between Everest and Polygon, partners and users can transact across fully-regulated bridges between DeFi and TradFi. The new technologies will enable identity-driven services, new types of DeFi, and additional capacities to be built on the Polygon network. “Projects like Polygon are leading the way on this path, working to build the infrastructure for the next-generation economy. We look forward to further integrations and innovation to bring new kinds of financial services to all EVM-compatible chains in the world.”
