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IoTeX Partners With Polygon for Multi-Chain Future

IoTex_Patnership_with_Polygon_to_bring_IoT_based_digital_assets
  • IoTeX and Polygon have announced their partnership.
  • The collab will bring IoT-based digital assets to Polygon’s L2 network.
  • IoTeX will be able to trade NFTs from PebbleGo on Polygo’s NFT Marketplace.

Blockchain platform for Internet of Things IoTeX has announced its partnership with Polygon on Twitter.

As the tweet says, the collab will bring IoT-based digital assets to Polygon’s L2 network. Further, it added that IoTeX’s cross-chain bridge will trade ‘real-world’ NFTs from PebbleGo on Polygon’s NFT marketplace OpenSea.

More details about the partnership were included in an IoTeX’s blog. The article revealed that both companies will start exploring the design space of IoT-based digital assets and Layer 2 scalability.

Notably, IoTeX will be able to use Polygon’s interoperability protocol. This way, it can exchange IoT data with Ethereum as well as with other blockchains. According to the blog, this depicts both companies’ commitment to a multi-chain future.

To kick off the partnership, IoTeX and Polygon will build a cross-chain bridge to enable two-way token swaps between both. This means IoTeX fungible (XRC20) and non-fungible (XRC721, XRC 1155) tokens will be ported over to Polygon and given new utility. At the same time, Polygon assets (ERC20, ERC721, ERC1155) will be convertible and tradable on IoTeX’s mimo DEX.

After the integration completes, users will enjoy cross-chain interactions. They will benefit from very low transaction costs and fast finality.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.