European financial technology company Revolut on Tuesday said it’s partnering with Ethereum scaling network Polygon to enable crypto remittances and stablecoin payments via the Revolut app. The integration has facilitated more than $690 million in trading volumes on Polygon via Revolut since its launch last December.
Polygon Labs’ CEO, Marc Boiron, argued that the integration with Revolyt represents the kind of real-world utility the company has been building towards for everyday people. The integration enables Revolut customers in the UK and the European Economic Area (EEA) to make crypto remittances in stablecoins USDC and USDT.
Polygon allows free transfer of funds via Revolut
The firm’s customers can also make crypto remittances in POL (formerly MATIC), Polygon’s native token. Crypto transactions are expected to settle in seconds and incur minimal gas fees.
Customers can also trade using POL via Revolut’s app. Polygon’s sidechain is also accessible through Revolut Ramp, which enables users to easily onboard fiat currencies to the network.
POL token is also available for trading on Revolut and Revolut X, with the bank offering in-app staking yields of up to 4% APY. Revolut Ramp also supports Polygon PoS, allowing users to move funds from bank accounts into Web3 wallets.
Revolut’s website revealed that the bank has more than 65 million users across 160 supported countries and regions. Polygon also has more than 14 million crypto users in 38 countries, enabling Revolut users to move funds across borders at scale.
The London-based financial institution has also offered crypto trading to select geographies since 2017, limiting U.S. users in 2023 due to regulatory uncertainty. The bank’s spokesperson revealed that Revolut is actively pursuing alternative means of providing access to crypto products and hopes to offer crypto in the U.S. again in the future.
“By making blockchain payments invincible to the end user, integrated with everyday traditional payment experiences, and delivering superior speed and cost efficiency, we’re seeing the future of finance unfold.”
–Marc Boiron, CEO of Polygon Labs.
Aishwary Gupta, Polygon’s global head of payments, believes that one way to judge the company’s success is by how well its infrastructure continues to meet new and developing regulations. He also maintained that the crypto firm wants to show lawmakers not only how fintechs and banks can be compliant, but also show them the possibility of payments being made on the blockchain.
The initiative comes as Revolut just recently secured a MiCA licence in Cyprus. The regulatory leap potentially positions the bank to launch its own stablecoin. On-chain data revealed that stablecoin activity on Polygon’s network in the last 30 days has surged, processing more than 153 million transactions.
Revolut expands its Revolut X crypto exchange across Europe
The firm expanded its Revolut X crypto exchange to serve all 30 EEA countries, including 27 countries in the European Union, as well as Norway, Iceland, Nd Liechtenstein. The financial institution launched Revolut X in the UK earlier this year as a standalone crypto trading platform.
Revolut announced last week that the initiative to expand to EEA aims to enable crypto traders in the region to buy and sell more than 200 digital assets through the firm’s desktop-based platform. The firm’s head of product for its crypto exchange, Leonid Bashiykov, confirmed that traders are already taking advantage of its near-zero fees, wide range of available assets, and seamless integration with their Revolyt accounts.
Other financial institutions are also using Polygon’s payment infrastructure, including DeCard by DCS, Stripe, Reliance Jio, Flutterwave, and others. Mastercard also revealed plans to tap into Polygon to power the initial expansion of its Mastercard Crypto Credential identity solution to self-custody wallets. Revolut said the recent integration with Polygon is just the first phase of a larger collaboration.
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