Everest lands a partnership with Polygon to bring the network the benefits of the regulated DeFi. The integration would mean an array of benefits for the users of Polygon from Everest’s regulated DeFi platform. Everest is a decentralized service provider that has earned a name for itself for its eKYC services. The new partnership deal is lauded by many, for it is expected to open up new gates for the blockchain network in the DeFi area.
Polygon has been pioneering in revolutionary decentralized finance ever since its rebranding in 2021. The network is well known for its ideas to establish an internet of Blockchains through its ecosystem. We have seen Polygon landing significant partnerships in recent times, as its deal with Li.Finance that came out earlier. Now, the major announcement from Everest has informed us about its new decision to integrate with Polygon. Now, the features Everest is famous for will be available for maneuvering on Polygon, such as the biometric identities, eKYC/AML, and the CRDT stablecoin.
Everest is known for offering nearly 200+ currency pairs on the DeFi platform. These pairs are used with features like earning, borrowing, forex, payouts, and staking. Furthermore, these features are enhanced with the biometric system on Everest to help the users to claim the public services promised by their socio-economic rights.
This line of features from this regulated DeFi platform is set to enhance the operation on Polygon. EverChain from Polygon is now fully interoperable with Polygon. It brings this network a step closer to achieving its dream to become the Internet of blockchains. In turn, the gilt-edged scalability infrastructures for Ethereum from Polygon will help develop the scalability outlook of Everest.
More importantly, the CRDT stablecoin from Everest would now be available on Polygon. This versatile coin makes conversion of crypto into fiat much easier. Moreover, the trading range could expand to several banking institutions, systems, and pools through the CRDT coin. Instant access between the two platforms is another significant perk brought in through the integration of CRDT.
Apart from the preset functions, the coins functions can be designed to meet specific needs through the tools available on the platform. The programmable currency’s presence will be an asset for the Polygon network to expand its DeFi protocols. Moreover, the programmability would prove useful for Polygon as it realizes its dreams of bridging blockchains.
Bob Reid from Everest thinks that this partnership will enable the users and the partners an entirely regulated bridge that connects “DeFi and TradFi.” The identity-based features of Everest will help Polygon build more DeFi infrastructure that would help further its journeys. The CEO also expressed his delight in working on a project as visionary as Polygon. How this partnership might reflect on the Polygon price prediction remains to be seen.