Users of the $MATIC token will be pleased with recent developments in the Polygon network.
One of the largest providers of Bitcoin and crypto payment services, BitPay, made an official announcement on its support for Polygon and MATIC. Users can utilise the BitPay app to purchase, store, exchange, and use MATIC by the end of the week.
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Polygon is the network and layer 2 solution on the Ethereum blockchain. It provides similar advantages and uses cases to Ethereum. The frictionless carbon-neutral Layer-2 platform is, however, having its users of the layer-2 solutions experience lower fees and faster transaction speeds for a fast, scalable, and low-fee environment. This promotes web 3 users and builders.
BitPay offers MATIC Payments for Merchants
Polygon’s native token is $MATIC, an ERC-20 token. This means it’s compatible with other Ethereum projects. The cryptocurrency is also the governance token of the network. Users of the network use MATIC to pay transaction fees and participate in decentralised applications.
Crypto Lists has learned that the partnership with BitPay allows BitPay users to pay with Polygon’s native token through Polygon wallets. BitPay app users are delighted that they can also explore this partnership which allows them access to other ERC-20 tokens available on Polygon. These include USDC, DAI, BUSD, and WBTC.
Panini America becomes the First Merchant Offering MATIC via BitPay
Panini America is privileged to be the first merchant to accept the MATIC token via BitPay. The firm is the international brand leader in the sticker industry and trading card collectibles. It has had over 1000 collection launches per year and is a leading publisher of magazines and books for children, comics, and graphic and manga novels. Panini America’s users can access thousands of NFTs associated with the NBA, NFL, NHL, and others via its marketplace.
The Collectibles marketplace is supporting its customers with the new payment option. The Vice President of Panini America, Jason Howarth, expressed his excitement over the Panini wallet supporting another coin. He believes having a coin connected closely to the NFT market is a massive milestone for the company. He deems it a great opportunity to partner with BitPay in developing the Panini NFT platform. Panini’s collectors now have payment flexibility, especially in the current NFT market cycle. He reveals it is the key reason that the firm sought to partner with BitPay.
The Appeal of the Polygon Network
Polygon hosts some reputable companies and projects, including OpenSea, Aave, and Uniswap. The network gains appeal from its low fees and fast transactions for higher scalability. It is also carbon-neutral which attracts institutional interest in the crypto space. These companies are utilising Polygon as the gateway to Web 3. Some of them include Starbucks, Robinhood, Stripe, Reddit, DraftKings, Meta, and others. A fun Crypto Lists fact is that the Polygon network boasts over 37,000 Dapps.
The Co-Founder of Polygon, Sandeep Nailwal, admits that the partnership opens the door for MATIC to a new world of commerce and be more widely used. Adopters can now use MATIC with global merchants such as Airbnb and Shopify for the first time. MATIC’s utility is expanding and giving the Polygon ecosystem more value.
BitPay’s CEO Welcomes the New Addition of Polygon
The Chief Executive Officer of BitPay, Stephen Pair, outlines the process the crypto exchange firm uses before adding a token to its portfolio. Factors considered when adding a new for merchants to accept are essentially the coin’s payment utility and the involvement of its community. He reiterates that adding MATIC to BitPay’s portfolio to merchants allows businesses have a fast and secure payment option. It is an alternative payment method to traditional payments and advocates for blockchain payments. This disrupts the traditional way of utilising funds for payments by consumers and businesses.
Merchants are advised that the update is automatic. There is nothing required from them to accept Polygon payments. Customers can pay using the BitPay wallet and any other wallet supporting the payment. BitPay supports a further 15 cryptocurrencies to MATIC. These include Litecoin (LTC), Ripple (XRP), Ape Coin (APE), Bitcoin (BTC), Dogecoin (DOGE), Shiba Inu (SHIB), Ethereum (ETH), Bitcoin Cash (BCH), and Wrapped Bitcoin (WBTC).