EverChain integrates with Polygon, granting its users and developers access to biometric identity, eKYC, and regulated stablecoin
Malta, January, 2022 — Everest, a regulated fintech company with blockchain solutions for identity verification, eKYC, crypto custodianship, and financial services, announces a major integration with Polygon, the leading platform for Ethereum scalability and infrastructure development. By making its EverChain fully interoperable with Polygon PoS chain, Everest brings its suite of regulated financial services to Polygon’s “Internet of Blockchain.” The integration grants the Polygon users and developers access to Everest’s biometric-based identities, eKYC/AML, and regulated $CRDT stablecoin for fiat-in/out globally to hundreds of DeFi projects in the ecosystem.
The DeFi space grew by a whopping 1,200 percent over 2021 in total locked value, which is the number of coins staked into the smart contracts powering it. While prompting hopes of further growth, this dramatic expansion also caught the eyes of regulators around the globe, even as the nascent ecosystem is only exploring its own technological footing. Ethereum is the dominant force in the DeFi ecosystem, powering most of the projects in the field, but it remains plagued by its old flaws, including high gas fees and low throughput. While Ethereum’s developers are working on a major update expected to fix these flaws, multiple other projects, including Polygon, develop their own solutions for increasing its scalability.
Polygon allows DeFi users and developers on its platform to utilize the wide array of services helping to link decentralized finance with its traditional counterpart. By partnering with Everest, they are now able to access the following features:
- eKYC and a regulated fiat on- and off-ramp, which enable the users to easily move their assets between DeFi and traditional finance through Everest’s network of payment rails,
- Licensed and fiat-backed $CRDT stablecoin for any fiat, which enables the crypto to fiat transfers, interactions with traditional banking systems, and segregated institutional pools,
- Immediate access to resources and addresses on both blockchains, which brings more versatility into their respective ecosystems.
The integration dramatically expands the toolset available to developers building on Polygon, enabling them to create platform-specific DeFi protocols with native eKYC, fiat conversions, and Everest’s versatile $CRDT token, which embodies the concept of programmable money. Developers can program $CRDT to represent any fiat deposits and limit its use to a specific purpose, retailer, or timeframe. With the collaboration, users can store $CRDT natively in their Polygon wallets.
“With interoperability between Everest and Polygon, partners and users can transact across fully-regulated bridges between DeFi and TradFi. The new technologies will enable identity-driven services, new types of DeFi, and additional capacities to be built on the Polygon network,” says Bob Reid, CEO of Everest. “Projects like Polygon are leading the way on this path, working to build the infrastructure for the next-generation economy. We look forward to further integrations and innovation to bring new kinds of financial services to all EVM-compatible chains in the world.”
Everest is the world’s first global and licensed programmable money service provider offering its users a portfolio of decentralized financial services for identity, eKyc, crypto trading with an access to 200+ coin pairs, earning and borrowing features, payouts, foreign exchange, and staking. Its unique biometrics-based digital identity solution empowers users to digitally verify their identity for public services and claim their social and economic rights. In 2021, the company launched its Everwallet Alpha wallet in 44 European countries, aiming to expand its service offering to yield-earning saving products and investments further down the line.
For more information, visit https://www.everest.org/
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure transactions for your dApp, get started here. For more information, visit https://polygon.technology/