Banxa integrates with Polygon to give clients a more flexible fiat on-ramp
With Polygon integration, Banxa’s clients can choose between different blockchains when purchasing select ERC20 tokens
Banxa, a public payment service provider (PSP) and compliance RegTech platform for the digital asset industry, integrates its fiat on-ramp platform with Polygon’s commit-chain.
The integration supports Polygon-integrated projects by expanding their access to fiat through Banxa’s network of regulated and compliant partners around the world. Banxa’s strong international presence helps the projects expand their own footing in different markets.
With the integration, Banxa’s clients will be able to purchase Polygon’s native MATIC token with fiat. They will also be able to choose between the native and Polygon’s blockchains when purchasing select ERC20 tokens that feature Polygon as a second supported network.
The ERC20 standard is the go-to smart contract for launching fungible tokens in the Ethereum ecosystem, which, while being the dominant force in the DeFi space, is plagued by high gas fees and slow throughput.
By adding Polygon support to its network, Banxa brings its clients more versatility and helps them reduce the gas fees and transaction processing time when purchasing nine ERC20 tokens. This smoothes out their journey into DeFi, allowing them to access or invest in some of the most popular decentralized projects in the ecosystem by buying their respective native tokens.
The full list of multi-blockchain tokens covered by the integration includes:
- Basic Attention Token ($BAT, ERC20/Polygon/Binance Smart Chain)
- Chainlink ($LINK, ERC20/Polygon/Binance Smart Chain)
- Compound ($COMP, ERC20/Polygon/Binance Smart Chain)
- DAI ($DAI, ERC20/Polygon/Binance Smart Chain)
- Ether ($ETH, ERC20/Polygon/Binance Smart Chain)
- Synthetix Network Token ($SNX, ERC20/Polygon/Binance Smart Chain)
- Uniswap ($UNI, ERC20/Polygon/Binance Smart Chain)
- USD Coin ($USDC, ERC20/Polygon/Algorand/Binance Smart Chain)
- USD Tether ($USDT, ERC20/Polygon/Binance Smart Chain/TRC20)
- Yearn.Finance ($YFI, ERC20/Polygon)
“We are excited to be offering the advantages of Polygon to Banxa partners and users, in line with our mission to provide people in every part of the world access to a fairer and more equitable financial system,” said Jan Hartmann, Banxa’s Head of New Markets and Innovation.
“By building bridges with the Banxa network, we are bringing more liquidity into the Polygon network,” said Arjun Kalsy, VP of growth at Polygon. “This will make it much easier for developers to build projects and economies with immediate real-world utility and a global reach.”
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.
Banxa Holdings Inc. (TSX-V: BNXA) (OTCQX: BNXAF) (FSE: AC00) powers the world’s largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets. Banxa’s mission and vision is to build the bridge that provides people in every part of the world access to a fairer and more equitable financial system. Banxa is headquartered in Melbourne, Australia, with European headquarters in Amsterdam, the Netherlands.
For further information go to www.banxa.com