EY joins hands with Polygon exchange regarding its blockchain operations. The goal is to mitigate the high transaction fees on Ethereum for the clients. On Monday it has been announced that EY is looking forward to integrating with Polygon.
EY said that the company’s enterprise clients will be able to complete increased transactions with the economic transaction fees while using Polygon exchange.
The goal behind this proposed strategic partner is to provide customers with exclusive, private roll-up chains. Rollups the second layer scaling solutions which allow greater security and efficiency as compared to transactions on the Ethereum exchange.
Paul Brody, the Global Leader of EY Blockchain passed the remarks by saying:
Ernst&Young (EY), one of the big four crypto multinational brands will join hands with Polygon exchange and share its capabilities with Polygon. The sole purpose behind this is to mitigate the scalability issues which remained unsolved for EY on the Ethreum blockchain platform.
“Working with Polygon provides state of the art tools and dynamics options when it comes to reducing the transaction fees for clients.”
Lowering down the transaction fee is not the only goal behind this EY and Polygon integration. Apart from fee scalability, working with Polygon provides dynamic options, an increased level of security, and an easy trading environment as well. Polygon co-founder Sandeep Nailwal said that he is personally impressed by the EY attitude towards the protection of customers.
However, previously NY kept advocating to people about the second layer protocol Nightfall, the firm launched the protocol back in March.
One of the biggest reasons that NY decided to join hands with Polygon is that recently a relatively higher number of people started showing their concerns over the scaling issues on the Ethereum blockchain. The high fees issues while transacting on mainnet was also a big issue. As such, the total value locked (TVL) on the Polygon network has surged from roughly $1 billion at the start of April to $8.5 billion today.
Over the past couple of months, Polygon has emerged as an alternative. An increased number of people started to use Polygon for its transactions. The private crypto investors have appreciated the news that NY and Polygon are joining hands. This new strategic venture will not just reduce cost, it will also improve protection. That means the customer will have an increased level of satisfaction that their investment and personal data are safe while using Polygon exchange. Moreover, NY and Polygon will also offer dynamic solutions to the crypto market needs.
This move will put pressure on the Ethereum network and also force them to come up with plans addressing customer’s needs.