• Revolut partners with Polygon to enable POL transactions and trading on its platform.
• Polygon’s native token is now available for crypto remittances and trading on Revolut.
• Revolut’s integration with Polygon expands the use cases and increases its accessibility.

European fintech leader Revolut has joined forces with the Ethereum scaling network Polygon to introduce crypto remittances along with stablecoin payments through the app. The main goal of this collaboration is to ensure a user-friendly and efficient transaction process for the customers. Since its launch last December, the integration has contributed to trading volumes exceeding $690 million.

Expanding Crypto Services

The partnership enables Revolut users living in the UK and the European Economic Area to transfer crypto assets using stablecoins such as USDC and USDT. Furthermore, they can also utilize POL, which is the native token of Polygon.

Besides that, Revolut’s users can trade POL via the app while its sidechain can be reached through Revolut Ramp. As a result of this move, Revolut is achieving its target of broadening its crypto services.

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Regulatory Compliance

Aishwary Gupta, Polygon’s head of payments, exchanges, and RWA globally, stressed regulatory compliance as an essential factor and said that the partnership intends to demonstrate to legislators the potential of blockchain-based payments. On its part, Revolut has been diligent in extending its crypto offerings and is on the way to obtaining a MiCA license in Cyprus, besides considering the launch of its own stablecoin.

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Growing Adoption

The alliance is indicative of the acceptance of blockchain technology, especially decentralized finance, in the financial sector. Revolut, with over 65 million users in 160 countries, is expected to drive the growth of stablecoins and the use of crypto remittances through its integration. The progression of the crypto industry will greatly depend on the emergence of similar partnerships.

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Market Implications

While this move is the result of a bear market for risk-on assets, with Bitcoin and Ethereum declining, the partnership between Revolut and Polygon reveals the crypto industry’s confidence in the face of such a downturn, and its potential for further expansion. We expect to see more ground-breaking ideas and partnerships as the industry grows and matures.

Also Read: Ethereum’s Bearish Pennant Pattern: Is $2,380 the Next Crucial Target?

Conclusion

The collaboration between Revolut and Polygon is a landmark moment in the integration of blockchain technology into the financial sector. Besides focusing on regulatory compliance and user experience, the partnership is instrumental in crypto remittances and stablecoin payments getting their revolutionary ​‍​‌‍​‍‌​‍​‌‍​‍‌changes.

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