Polygon partners with a new giant: Revolut, a new bank, chooses its technology stack to drive crypto payments.

Compiled by: Felix, PANews

On November 18th, Revolut, a new European bank, and Polygon Labs (Ethereum L2 extended network) jointly issued a statement confirming Polygon as their preferred technology stack for stablecoin transfers, payments, and transactions. Customers in the UK and the European Economic Area (non-EU countries) can now make cryptocurrency remittances using USDC, USDT, and POL through the Polygon blockchain and the Revolut application. This integration complies with the EU MiCA regulatory framework and takes into account the regulatory requirements of stablecoins such as USDT.

According to the press release, Revolut enabled the Polygon network to support stablecoin transfers within its app in early December 2024. As of November this year, the Revolut app had processed over $690 million in transactions via Polygon. Through Polygon integration, the Revolut app offers a seamless Web3 experience. Core features include:

1. Stablecoin remittances and transfers: Supports instant cross-border transfers of USDC, USDT, and POL.

2. Revolut Crypto Card Payment: The crypto card offered within the Revolut app allows users to pay for everyday expenses using stablecoins.

3. POL token support: Users can directly stake or trade POL through the Revolut app. This simplifies user access to the Polygon ecosystem, eliminating the need for external wallets.

4. Directly exchange fiat currency within Revolut: lowers the entry barrier and promotes the circulation of stablecoins (the stablecoin supply on Polygon exceeds $3.6 billion).

As a new type of bank serving over 65 million users in 38 countries (14 million of whom are crypto users), the bank had offered cryptocurrency trading services in some regions since 2017, but due to regulatory uncertainty, this feature was no longer available to US users in 2023.

Last month, the company obtained a MiCA license in Cyprus, potentially paving the way for the launch of its own stablecoin. Sources familiar with the matter revealed in June that the company was considering launching its own stablecoin, just a year after expanding its cryptocurrency services to over 30 countries with the launch of Revolut X.

This integration of Revolut with Polygon follows Polygon's most significant payment upgrade to date. The Rio payment upgrade makes Polygon faster, lighter, and more reliable, achieving near-instantaneous settlement of 5,000 transactions per second, ensuring high throughput and low latency.

Besides Revolut, other institutions that have chosen Polygon as their cryptocurrency payment channel include Stripe, Mastercard, Flutterwave, and Reliance Jio.

It's worth noting that Revolut's adoption of Polygon is just one example of a broader trend. As businesses seek ways to reduce transaction costs and improve service efficiency, blockchain infrastructure is being tested in more real-world applications. The long-term viability of these systems will depend on their stability, compliance, and user acceptance of volatile digital assets.

Related reading: The bet between Polygon CEO and AAVE guardians: Is Polygon's dual-currency design a blessing or a curse?