Cobo customers can now access the benefits of Polygon with seamless access to the best DeFi and Dapps platforms
[DUBAI] Polygon, an Ethereum scaling platform that integrates millions into Web 3.0, today announces Cobo Custody, Asia’s leading custodian service provider, and Cobo Wallet, a centralized management platform of crypto and portfolio assets, will offer support to their institutional and retail clients to be able to seamlessly access Polygon’s ecosystems.
Cobo Wallet and Cobo Custody will fully support Polygon’s mainnet natively, to allow institutions to have seamless access to engage in the DeFi ecosystem, build communities and expand markets. The combination of Polygon’s underlying technology and Cobo’s user base helps provide access to a variety of blockchain services to the general public, all with fast, cheap and secure transactions.
Cobo already supports various services for its clients, including hot, hot and cold storage wallets, crypto asset management, staking and master node rewards on user holdings, and custodial services for institutional investors. . Additionally, the company also offers exposure to nearly 60 unique coins and over 1,000 tokens, making Cobo a great one-stop-shop for virtually any cryptocurrency needs.
Cobo is led by Discus Fish, an early cryptocurrency pioneer and co-founder of F2Pool, now the world’s largest mining pool of embedded digital currencies. In his words, “Polygon and Cobo are both pioneers in our respective fields, and we look forward to growing the Cobo community through native access to Polygon and DeFi Dapps on the Polygon PoS network.”
Polygon has become one of the most popular Ethereum scaling solutions due to its high speed, low transaction cost, and network composability. In the last month alone, Polygon’s daily transactions increased from 1.5 million to 7.5 million according to PolygonScan, or 5 times the daily transaction volume of Ethereum. Although the Polygon network has facilitated more transactions than Ethereum in the past two months, Polygon users have only spent $ 12,000 in transaction fees per day, compared to nearly $ 4 million spent by merchants. of Ethereum. As a result, the Polygon network currently hosts over 350 projects and it is not over yet.
Polygon’s integration with Cobo will allow retail users to benefit from zero fees and instant confirmations when transacting through Cobo’s Loop network. Cobo’s custodian service could save significantly on the development costs and energy of integrating the Polygon network and all Polygon-based tokens for institutional clients.
Sandeep Nailwal, Polygon Co-Founder, said: “The Cobo integration is another example of a growing community that will be able to benefit from seamless access to today’s major DeFi projects on Polygon. We’re excited to facilitate this frictionless experience for Cobo so their institutional users can experience the future of decentralized finance.
In addition, Cobo is proactively adopting regulation and compliance and is in the midst of a licensing process with the Monetary Authority of Singapore, where Cobo has recently established its headquarters. This, along with the Polygon collaboration, aligned with Cobo’s strategic plan to then focus on DeFi and NFT.
The combination of cutting-edge technology and decentralized solutions, especially for institutions wishing to get involved, provides a perfect ramp for a new wave of mass adoption. Companies don’t need to develop their products in-house to benefit from the growing decentralized finance ecosystem.
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