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ETH · 6d

Polygon partners Alchemy Pay to deploy fiat on-ramps

Polygon, the internet protocol and framework for building and connecting Ethereum-compatible blockchain networks, has partnered with payment gateway solution Alchemy Pay.

Alchemy Pay will create a bridge between fiat and crypto payments by embedding into the Polygon Network, enabling any Polygon-based protocol to set up a fiat on-ramp. The new capability is expected to propel the next phase of growth for Polygon’s DeFi ecosystem.

More than 4,000 hosted dApps within Polygon’s DeFi and broader dApp ecosystem will now be able to enact transactions via direct fiat on-ramps to traditional financial payment platforms like Visa, Mastercard, PayPal, and multiple local payment channels around the world.

The move will also simplify DeFi app payments on e-commerce platforms, such as Shopify and other networks. Alchemy Pay currently handles $5 million daily transactions, primarily from Asia and Europe.

A greater volume of US transactions is expected after Shopify completes integration with Polygon by the end of this year.

Sandeep Nailwal, co-founder of Polygon – which recently acquired the Hermez network – explained that DeFi protocols have been flourishing, but challenges with Ethereum’s usability at a global scale have slowed development.

“Scaling solutions are vital to DeFi’s ability to go mainstream. Polygon is already solving the problem of Ethereum’s slow and costly transactions, and now thanks to Alchemy Pay, we can provide an essential gateway between fiat and crypto transactions,” he said.

“This development opens up new capital inroads that will propel users of polygon’s DeFi ecosystem onto the next level in their commercial development.”

Number of Polygon daily users surpassed Ethereum’s

Polygon’s full-stack scaling solution has the potential to lead the way in reducing congestion on the Ethereum mainchain.

In September, the number of daily active users on Polygon regularly surpassed those on Ethereu...

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