Operating on the Ethereum blockchain, Polygon offers scaling technologies that ease congestion, accelerate transaction speeds, and allow brands to obscure some of the complexity of crypto adoption for their users. The company, which was valued at $2 billion in early 2022, has leveraged its ease of use and reliability to attract a surfeit of A-list corporate customers interested in exploring blockchain-based services. These include Adobe, Adidas, Disney, Meta, Nike, Reddit, and Starbucks.
In March 2023, the company opened up its Polygon ID service, which enables users to verify their identity without needing to transmit personal data or have a third-party store it, via a cryptographic method known as a zero-knowledge proof. Combined with its software that makes transactions faster, cheaper, and less complex than using Ethereum directly, the company can offer traditional businesses security and speed as well as the inherent advantages of a blockchain.
These kinds of advancements helped Polygon win Mastercard, Warner Music Group, and the global asset manager Franklin Templeton as customers in 2023. For Franklin last April, the company created the first U.S.-registered mutual fund that processed transactions and recorded share ownership on a public blockchain.
With additional reporting by Ben Schiller
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