They are excited to announce integration with the Polygon network. The project has recently emerged as one of the leading full-stack scaling solutions, providing faster transaction processing at lower fees.
You can already use Polygon benefits when transferring MATIC to and from CEX.IO!
And soon you’ll be able to transfer all Ethereum-based via Polygon using your CEX.IO account. What’s more, the platform will serve as a bridge between the Polygon and Ethereum networks.
More details found in their article.
What is Polygon?
Polygon is a full-stack scaling solution for the Ethereum network, with a PoS mechanism.
The Polygon network architecture differs from the standard sidechain, particularly in the way it uses the main Ethereum blockchain to provide an additional layer of security.
In most sidechains, token holders choose only 21 validators for managing the blockchain. Almost anyone can become a validator in the Polygon Commit Chain. A validator can simply set up a node, insert their Polygon tokens (MATIC) via the main Ethereum blockchain, and start verifying transactions. The hosting contracts and a set of validators supported in the main chain contribute to secure network management. In case of significant downtime or double-signing transactions, or anything else that is considered malicious behaviour, the share of the validator decreases.
The Polygon network presents a compelling alternative for multiple DeFi projects. Polygon effectively transforms Ethereum into a full-fledged multi-chain system (aka Internet of Blockchains). Given the strong demand for Ethereum scaling solutions of late, Polygon has seen rapid growth in 2021.
What this integration means for you
CEX.IO customers can now benefit from fast, low-cost MATIC transactions. More digital coins and tokens are coming soon! You’ll be able to transfer almost any token built on Ethereum as they are supported in the Polygon chain.
What’s more, during overload periods in the Ethereum network, which happens quite frequently, you can use Polygon and transfer funds without delays. No need to pay an extra transaction fee!
The integration doesn’t require the use of different wallet addresses or external bridges. The Polygon blockchain is fully compatible with the Ethereum network and you can use the same address for both of them. Additionally, if you have Ethereum tokens on external wallets and want to move them into Polygon or vice versa, you will be able to simply deposit these tokens to CEX.IO. Then, withdraw your tokens to either Ethereum or Polygon wallet.
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.
Founded in 2013, CEX.IO is an ecosystem of interconnected products and services that give people easy access to the opportunities of the cryptocurrency economy. CEX.IO serves the needs of a broad range of customers: from entry-level users to professionals and businesses. CEX.IO is regulated in multiple jurisdictions. The licenses CEX.IO holds include a Distributed Ledger Technology (DLT) license from Gibraltar’s GFSC, Money Transmitter Licenses in the US. Also, CEX.IO is registered as Money Services Businesses (MSB) with the Financial Crimes Enforcement Network (FinCEN).
At CEX.IO, they strive to provide the best solutions so that you can achieve your crypto goals and enjoy the benefits of the digital economy. Polygon is an efficient and cost-effective way to conduct your arbitrage transactions and cover everyday money transfers. We’re proud of delivering the superior services their customers deserve.