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2021-06-03 14:45:20

Okcoin Integrates Polygon Bridge for Direct ERC-20 Token Withdrawals, Saving ~25% on Transaction Fees

Okcoin is the first U.S exchange to integrate Polygon and is now the fastest and cheapest way to get USD and EUR into the Polygon and DeFi ecosystem 

 

SAN FRANCISCO, June  3, 2021Okcoin, a world-leading, U.S. licensed crypto platform serving 184 countries, announced the integration of the Polygon Layer 2 scaling platform to help Ethereum users save on gas fees and time moving from the Okcoin exchange to the Polygon ecosystem. This integration is live today. In addition, Okcoin will list Polygon’s native MATIC token soon, which will be soon tradable on the platform with a USD and EUR pairing.  

 

Okcoin will support withdrawals for any ERC-20 asset (currently 13 available for trading) directly from their Okcoin wallet to Polygon’s sidechain, allowing users to easily deploy their assets on Polygon’s DeFi platform. Okcoin also handles all the complexities of bridging assets between layer one and layer two. 

 

Prior, users must bridge their assets from an exchange to an Ethereum wallet to Polygon, which incurs two transaction fees for using the token bridge. Now, with the Polygon integration, Okcoin users benefit from ~25% ‘gas’ fee savings when withdrawing their ERC-20 tokens including ETH, UNI, USDT, LINK, COMP and more, directly to the Polygon network. In addition to not incurring the hassle of going through the bridge, this also saves on withdrawal costs, which are much lower when withdrawing to Polygon. 

 

Polygon is a full stack scaling interoperability network consisting of a Plasma-based chain, which supports token payments, and a stand-alone sidechain fully supporting EVM smart contracts. This enables Polygon to take on some of the transactional burden of the main Ethereum chain, while remaining tightly bound to its ecosystem and using Ethereum for additional security and a settlement layer. Today, almost $7.5 billion worth of assets are locked in Polygon’s ecosystem, an increase of more than 187X from $40m at the beginning of 2021.

“Okcoin functions as a bridge from cash to the crypto ecosystem and this Polygon integration removes another friction point and a transaction fee for customers, helping them take advantage of everything crypto has to offer,” said Jason Lau, Okcoin COO. “We focus on working with the best decentralized technologies in the last year, and Polygon’s growth has been astonishing. The value of USD in the polygon network grew almost 1400% to $7B since April. Now we can help the flow of capital to help grow Polygon in its next phase of adoption.”

 

“Polygon’s ecosystem of Dapps is rapidly growing with 350+ Dapps, 121M txns and more than 1M users, and we’re glad to see that many of these users are first-time Blockchain users that then go on to use Ethereum” said Sandeep Nailwal, Co-Founder of Polygon. “OkCoin’s support for Polygon will bring further adoption and liquidity to the Ethereum ecosystem, and enable a seamless experience for users around the world.”

 

About Okcoin

Established in 2013, Okcoin is a global, U.S licensed cryptocurrency platform that enables customers to easily transition between crypto and fiat currency with industry-low fees. Okcoin provides a reliable, secure and frictionless trading and earning experience, supporting customers across 184 countries, more than any other exchange, to trade and earn on crypto assets including Bitcoin, Ethereum, and DeFi tokens with the US Dollar, Euro, and Singapore Dollar. Okcoin is a registered money services business (MSB) with the Financial Crime Enforcement Network (FinCEN). Headquartered in San Francisco, California, Okcoin has offices in Hong Kong, Singapore, Malta and Japan.

 

About Polygon

Formerly known as Matic Network, the full stack scaling interoperability network backed by Binance and Coinbase, Polygon is an open source project committed to scaling the Ethereum network. Its first product, Matic PoS chain, is based on a version of Plasma and used by such projects as Polymarket, Aavegotchi, Decentraland, SportX, and Neon District and many more. The Polygon team is now developing Polygon SDK to provide a substrate-like engine to build stand alone chains on top of Ethereum and is developing and collaborating with various cutting edge scaling solution providers to build Ethereum secured chains.



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