In its latest press release, the crypto exchange OKX refers to Polygon (MATIC) as a “pioneering strategic cooperation.” In fact, two big names from the crypto industry have come together.
What OKX and Polygon are planning to do together may sound rather technological at first, but it could have great potential. It involves a layer-2 solution called X1, whose testnet went live on November 15th.
Read more about the partnership between Polygon and crypto exchange oKX and find the latest business news from around the world with the Born2Invest mobile app.
X1 is technologically based on Polygon and is therefore directly connected to the Ethereum (ETH) ecosystem
X1 will integrate the zkEVM, the upcoming standard for DApps and Decentralized Finance (DeFi), right from the start. OKX intends to use X1 as a native network in the future, in which its own token OKB will be used for fee payments. The cooperation with Polygon also includes OKX joining Polygon Labs and contributing manpower to the further development of joint products.
Why is this so exciting? OKX has more than 50 million customers and they will be able to immerse themselves in the so-called Web3 through X1. Polygon, for its part, brings with it a large community of developers and hundreds of projects. In addition, Ethereum, the most important crypto ecosystem, is natively accessible through the zkEVM. With X1, users will therefore be able to control pretty much everything the crypto industry has to offer from day one, from DeFi to blockchain gaming, from NFTs to fan tokens, via a wallet and app.
If you want, you can draw parallels with Coinbase’s Base or Kraken’s plans to build its own layer-2 network, but a date for the launch of x1 Mainnet has not yet been set.
Conclusion: OKX wants to expand into Web3 through layer 2 with Polygon
Binance, the world’s largest crypto exchange, has had its own diverse network for years with its BSC. Coinbase launched its BASE in August and has big plans with the Layer-2 network. Incidentally, Cosmos (ATOM) is the technological basis there. Now OKX is the next of the major global crypto exchanges to introduce its own network with Polygon.
The trend is clear: crypto exchanges want to become more than just trading venues for Bitcoin and Co. and need to develop customer-friendly solutions that open the door to Web3.
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