Revolut and Polygon Partnership
In a significant partnership, Revolut, a prominent fintech company in Europe, is collaborating with Polygon, an Ethereum scaling solution, to enhance its crypto remittance and stablecoin payment capabilities through the Revolut application. This announcement was shared on Tuesday, highlighting the ongoing efforts to improve the accessibility of cryptocurrencies for everyday users.
Integration and Trading Volumes
Since the initial integration of Polygon into Revolut last December, the platform has reported impressive trading volumes exceeding $690 million.
“This partnership with Revolut embodies the real-world applications we have been striving to achieve,”
stated Marc Boiron, CEO of Polygon Labs.
“Our goal is to make blockchain payments seamless for the user, integrating them into familiar payment methods while ensuring fast transaction speeds and cost effectiveness—this is a glimpse into the future of financial operations.”
Remittance and Trading Features
This collaboration allows Revolut users located in the UK and the European Economic Area (EEA) to execute remittances using stablecoins like USDC and USDT, along with POL (formerly known as MATIC), which is Polygon’s native token. Additionally, Revolut’s app offers trading of POL, and users can directly access Polygon’s sidechain through Revolut Ramp, simplifying the process of converting fiat currencies to cryptocurrencies.
Regulatory Compliance and Future Plans
Aishwary Gupta, Polygon’s global head of payments, exchanges, and real-world assets, commented on the importance of regulatory compliance, stating,
“Success can be measured by how effectively we adapt our infrastructure to align with evolving regulations. Our aim is to demonstrate to lawmakers the compliance capabilities of fintech and banking while showcasing the potential of blockchain-based payments.”
Revolut’s Customer Base and Future Prospects
With a customer base exceeding 65 million users across 160 markets, Revolut has been involved in cryptocurrency services since 2017. However, it suspended these services for U.S. customers earlier this year due to regulatory challenges. Recently, the firm acquired a MiCA license in Cyprus, positioning itself to possibly introduce its own stablecoin. Insider reports suggest that Revolut is considering this move after rolling out crypto services in over 30 countries with the debut of Revolut X.
Market Analysis
Market analysts from Myriad anticipate only a 16% likelihood of Revolut officially unveiling its stablecoin by year’s end. Meanwhile, Polygon stands out in the decentralized finance landscape, holding over $3.2 billion worth of stablecoins, constituting approximately 1% of the overall stablecoin market, despite a slight decrease in stablecoin value by about 0.30% over the past week according to DefiLlama data.
