Polygon, a scaling platform from Ethereum, today announced the addition of fiat payment onramps to their network thanks to a new partnership with Alchemy Pay.

Alchemy Pay will create a bridge between fiat and crypto payments by embedding it on the polygon network and allowing any polygon-based protocol to set up a fiat driveway. Additionally, the move will make DeFi app payments easier on ecommerce platforms like Shopify and other networks.

More than 4,000 hosted apps within Polygon’s DeFi ecosystem can now transact on their DeFi apps via direct fiat on ramps to traditional financial payment platforms such as Visa, Mastercard, PayPal and multiple local payment channels.

Currently, Alchemy Pay processes $ 5 million in transactions daily, mostly from Asia and Europe. A higher volume of US transactions is envisaged after Shopify completes the integration with Polygon by the end of 2021.

“DeFi protocols are thriving, but challenges with Ethereum’s global usability have slowed development. Scaling solutions are critical to DeFi’s ability to go mainstream. Polygon already solves Ethereum’s slow and costly transactions problem, and now, thanks to Alchemy Pay, we can provide an essential gateway between fiat and crypto transactions. This development opens up new capital avenues that will take users of Polygon’s DeFi ecosystem to the next level in their commercial development. “
– Sandeep Nailwal, co-founder of Polygon

As a full-stack scaling platform, Polygon has become a leading solution in reducing congestion on Ethereum. In September, the number of daily active users on Polygon regularly exceeded that on Ethereum. However, instead of being a competitor to Ethereum, Polygon facilitates activity on Ethereum.

Still, DeFi proponents acknowledge that Ethereum needs to find ways to incorporate Fiat into the ecosystem. The network’s ability to manage transactions between fiat and crypto will be vital to attracting users.

“The integration of fiat payment options is the key to achieving a smooth payment experience in crypto networks. It will reduce the tendency of users to hold tokens for the long term and make them more attractive to use in dApps. This, in turn, will appeal to developers who want to create DApps that people can actually use. Both Polygon and Alchemy Pay allow people to use blockchain apps and DeFi platforms instead of just speculating about the tokens. “
– John Tan, CEO of Alchemy Pay

In addition, Polygon and Alchemy Pay are also part of a newly founded Blockchain Infrastructure Alliance (BIA) of leading blockchain infrastructure builders. The BIA is made up of crypto exchanges, stablecoin issuers, DeFi platforms, payment solutions, and other key roles in promoting and driving the growth of the cryptocurrency and blockchain space. The BIA finances research and promotes projects to optimize the DeFi and blockchain infrastructure.

Source:
polygon.technology

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