DUBAI, 10 SEPTEMBER 2021 — Polygon, an Ethereum scaling platform onboarding millions to web 3.0, announces today that Cobo Custody, Asia’s leading custodian service provider, and Cobo Wallet, a centralized crypto asset management and wallet platform, will be offering support for their institutional and retail customers to be able to seamlessly access Polygon ecosystems.
Cobo Wallet and Cobo Custody will fully support the Polygon mainnet natively, to enable seamless access for institutions to get involved in the DeFi ecosystem, and build communities and expand markets. The combination of Polygon’s underlying technology and Cobo’s user base stands to help bring access to a variety of blockchain services to the masses, all with fast, cheap, and secure transactions.
Cobo already supports various services for its customers, including hot, warm, 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 more than 1000 tokens, making Cobo a great one-stop shop for virtually all cryptocurrency needs.
Cobo is led by Discus Fish, one of the earliest cryptocurrency pioneers and co-founder of F2Pool, now the world’s largest mining pool of integrated digital currencies. In his words, “Polygon and Cobo both are pioneers in our respective fields, and we look forward to growing the Cobo community through native access to Polygon and the 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 past month alone, Polygon’s daily transactions increased from 1.5 million to 7.5 million according to PolygonScan — 5x the daily transaction volume of Ethereum. Despite the Polygon network facilitating more transactions than Ethereum over the past two months, Polygon users spent just $12,000 on transaction fees per day, compared to the nearly $4 million spent by Ethereum traders. As a result, the Polygon network currently hosts more than 350 projects and counting.
The Polygon integration on Cobo will allow retail users to enjoy zero fees and instant confirmations when making transactions through Cobo’s Loop Network. Cobo’s custodian service could largely save their developing cost and energy of integrating the Polygon network and all Polygon-based tokens for institutional clients.
Sandeep Nailwal, Co-Founder of Polygon, said: “The Cobo integration is yet another example of a burgeoning community that will be able to experience seamless access to today’s leading DeFi projects on Polygon. We’re excited to facilitate this frictionless experience for Cobo so that their institutional users can experience the future of decentralized finance.”
In addition, Cobo proactively embraces regulation and compliance and is in the middle of licensure proceedings with the Monetary Authority of Singapore, where Cobo has recently set up its headquarters. That, alongside the Polygon collaboration, has aligned with Cobo’s strategic plan to focus on DeFi and NFT next.
The combination of cutting-edge decentralized technology and solutions, especially for institutions looking to get involved, offers a perfect on-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.