PayBolt, a Web3 cryptocurrency payment gateway, has made its official debut on the Ethereum Layer-2 scaling solution Polygon.
The move is part of efforts to enable online merchants to accept Polygon-based tokens such as $USDC, $USDT, $MATIC, and $QUICK, as payments for their merchandise.
PayBolt is committed to making cryptocurrencies the favorite payment method for online commerce, Polygon noted in a blog and Twitter post today.
— Polygon (@0xPolygon) April 14, 2022
In a bid to make this vision a reality, PayBolt has already developed a crypto-to-fiat payment system supporting 150 fiat currencies, and the company is also making significant moves to lure more online merchants into using the service.
Reacting to the development, PayBolt took to Twitter to celebrate the groundbreaking launch, saying:
“Thank you @0xPolygon. Let’s keep building for a better future. With PayBolt, we can.”
Thank you @0xPolygon 💜
Let's keep buidling for a better future.
— PayBolt (@PayBoltOfficial) April 14, 2022
Polygon Features Imperative to PayBolt’s Goals
According to the cryptocurrency payment provider, its debut on the Polygon network will help it achieve its set goals faster than expected, as the popular Ethereum L2 scaling solution is endowed with mouthwatering features like performing transactions faster at a relatively lower cost.
Using PayBolt’s cryptocurrency payment service comes with its benefits such as low transaction fees accompanied by a 0.5% Merchant Discount Rate (MDR), increased security, and near-instant settlement.
PayBolt’s native cryptocurrency, $PAY fuels the payment ecosystem by rewarding the project’s cryptocurrency app users who use the initiative to purchase goods online.
Growing Adoption of Polygon
Polygon is gradually becoming the network of choice for different cryptocurrency-related projects, ranging from payment, and health, to non-fungible tokens (NFTs).
Last month, Raiinmaker, a social media platform deployed on the Polygon network, launched a create-to-earn platform that will see its users be rewarded with non-fungible tokens for creating exciting content.
Similarly, Polygon was also tapped by Zostel, an Indian-based hostel chain, to develop decentralized travel NFTs featuring exciting traits.
The widespread adoption of Polygon has contributed to the growth of the network’s users, as the number of active addresses on the L2 blockchain surges.