Polygon is partnering with a new major player, as the new bank Revolut chooses its tech stack to promote encryption payments.

Compiled by: Felix, PANews

On November 18, European neobank Revolut announced in a joint statement with Polygon Labs (Ethereum L2 scaling network) that Polygon is its preferred tech stack for stablecoin transfers, payments, and trading. Customers in the UK and the European Economic Area (non-EU countries) will be able to use the Polygon blockchain and the Revolut app to remit cryptocurrencies using USDC, USDT, and POL. This integration complies with the EU MiCA regulatory framework and takes into account the regulatory requirements for stablecoins such as USDT.

According to the press release, Revolut will enable Polygon network support for stablecoin transfers in the app in early December 2024. As of November this year, the Revolut app has processed over $690 million in transactions via Polygon. By integrating Polygon, the Revolut app offers a seamless Web3 experience. Core features include:

1. Stablecoin remittance and transfer: Instant cross-border transfers supported for USDC, USDT, and POL.
2. Revolut Crypto Card Payment: The crypto card provided within the Revolut app allows users to pay for everyday expenses using stablecoins.
3. POL token support: Users can directly stake or trade POL through the Revolut app. This simplifies user access to the Polygon ecosystem without the need for an external wallet.
4. Directly exchange fiat currency within Revolut: Lower the entry barrier and promote the circulation of stablecoins (Stablecoin supply on Polygon exceeds $3.6 billion).

As a new type of bank serving over 65 million users in 38 countries (of which 14 million are crypto users). Since 2017, the bank has provided cryptocurrency trading services to certain regions, but due to regulatory uncertainty, this feature is no longer available to US users as of 2023.

Last month, the company obtained a MiCA license in Cyprus, which may lay the foundation for the launch of its own stablecoin. According to sources familiar with the matter, the company is considering launching its own stablecoin, and just a year ago, the company expanded its cryptocurrency services to over 30 countries through the launch of Revolut X.

The integration of Revolut with Polygon follows the most significant payment upgrade to date on the Polygon network. The payment upgrade, named Rio, makes Polygon faster, lighter, and more reliable, achieving nearly instant transactions of 5000 transactions per second, ensuring high throughput and low latency.

In addition to Revolut, institutions such as Stripe, Mastercard, Flutterwave, and Reliance Jio also choose Polygon as a cryptocurrency payment channel.

It is worth mentioning that Revolut's adoption of Polygon is just a reflection of a broader trend. As companies seek ways to reduce transaction costs and improve service efficiency, blockchain infrastructure is continuously being tested in more practical application scenarios. Whether these systems can achieve long-term use will depend on their stability, compliance, and users' acceptance of the price volatility of digital assets.

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