Digital asset security company CYBAVO has officially announced its support of Polygon (MATIC), which has seen massive industry adoption in 2021, across all its products.
As a result of CYBAVO’s MATIC support, Taiwan’s three biggest crypto exchanges and brokerage, MaiCoin, BitoPro, and ACE, all CYBAVO clients, will be listing MATIC as well and therefore enable their customers to commence trading MATIC through their local exchanges.
CYBAVO has made headlines recently with this month’s win at SelectUSA Investment Summit in the cybersecurity category, an AA+ insurance partnership with Lockton Technologies, custodial wallet support of NFTs as well as Ethereum 2.0 enterprise staking.
The Polygon announcement points to a deeper and convergent support of the Ethereum ecosystem and its disruptive, fast-moving fields of DeFi and NFT technology by the company.
Polygon, the biggest crypto success story of 2021
Polygon, described as “Ethereum’s Internet of Blockchains”, is a full-stack scaling solution for the Ethereum network designed to address its scalability issues, most notably its prohibitively expensive gas costs and slow transaction settlements that have led to an exodus of Ethereum users in recent weeks.
The project, which rebranded from MATIC to Polygon in February 2021, has enjoyed a seismic 11,000% jump in the value of its native MATIC asset since October 2020 and a surge in adoption from Ethereum developers and users. In fact, it currently boasts more active users than Ethereum.
Polygon aims to solve Ethereum’s scalability trilemma and will enable users to enjoy instantaneous transfers, swaps, and conversions of crypto assets at extremely low costs. It does this by creating a multi-chain ecosystem on top of Ethereum that can also support other compatible blockchains, allowing multiple networks to interoperate and scale without compromising decentralization.
Furthermore, the Polygon team is working on introducing new side-chain scaling solutions that can be deployed on non-Ethereum blockchains in the future.
Its core components include the Polygon SDK, a modular framework that developers can use to build and connect scaling solutions such as Plasma, Validium, Optimistic Rollups, and standalone chains like Polygon POS. According to markcubancompanies.com, Polygon boasts more than 250 decentralized applications (Dapps), around 76 million transactions, and 790,000 unique users on the network.
The scaling platform has consequently drawn in numerous projects from two of crypto’s fastest-growing subsectors: decentralized finance (DeFi) and non-fungible tokens (NFT).
What Makes Polygon Different?
Despite being founded in 2017, Polygon has flown under the radar for several years before finally finding mainstream awareness in recent months, with the likes of billionaire investor Mark Cuban investing in the project. Cuban is also integrating Polygon into his portfolio company, Lazy.com, which allows people to conveniently showcase their NFTs to the public.
According to Cuban, “having more TPS and lower gas fees is not enough. There must be a current network effect and significant user growth.” Polygon appeals to him as it already has an exponentially growing user base on top of being fast and usable.
Last May 28, Google’s Cloud platform Google BigQuery, began its integration with Polygon to help developers analyze on-chain data in its network, which is said to be a big step in Polygon’s roadmap given that Google BigQuery is known as one of the largest and most influential data indexers in the market. With this integration, the datasets accessible through Polygon will be listed on Google’s Cloud Marketplace within its public financial services section.
This inclusion is expected to cover data on the monitoring of gas fees, smart contracts, and the most popular digital assets and applications within the ecosystem.
Polygon is also working on partnerships with other projects that are scaling COVID-related data, as well as initiatives that use its platform in NFT and DeFi solutions for liquidity aggregation, supply chain management, and data transparency.
Crypto asset security firm CYBAVO is known for its array of services catered to businesses who require the most secure and easy-to-manage storage of their digital assets, including private key storage, crypto custody solutions, and enterprise management. Over the last year CYBAVO has rolled out a number of key new services such as Ethereum 2.0 staking, NFT custodial support, and insurance.
One of its top products, the CYBAVO VAULT, offers high-grade security features that customers can access for enterprise storage needs and wallet management demands across a wide range of digital assets.
In June 2021 CYBAVO was recognized as the best cybersecurity start-up project in the 2021 SelectUSA Summit, beating out fellow Taiwanese and Israeli competitors, thereby further elevating the industry-wide reputation of the expert team of cybersecurity specialists.