World’s Largest Accounting Firm Announces Polygon Integration For Its Blockchain Products

The world’s largest accounting firm Ernst & Young has partnered with Ethereum Layer-2 scalability protocol Polygon (formerly known as Matic) to integrate the protocol into their flagship blockchain products and services. The firm would use the Polygon to deploy its own blockchain products on the Ethereum mainnet.

The firm has connected Polygon protocol to the EY OpsChain and EY Blockchain Analyzer. This would allow EY clients to integrate Polygon into their business with a simple configuration. EY is also working with the Polygon team to create industry-level private chains that can be used for making seamless transactions.

Paul Brody, EY Global Blockchain Leader said,

“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet. We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.”

Over the past couple of years, the Ethereum blockchain ecosystem has spread massively with the likes of Defi and now NFT all working on top of it. This, in turn, brings down the scalability of the mainnet and it has become costlier to use. This is where the layer-2 solutions such as Polygon has come as savior, making it easier for new protocols and services to use the functionality of Ethereum at a lower cost and faster transaction time.

Polygon is Leading the L-2 Adoption Race

Polygon has emerged as one of the top choices for enterprises looking for a scalable blockchain solution as the protocol has partnered with hundreds of companies with millions of users. Apart from Polygon, several other L2 protocols have seen a great surge in demand over the past couple of months, as the EIP-1559 upgrade didn’t fully resolve the rising gas fee problem.

The total value locked in Ethereum L2 protocols has breached $3 billion after touching the $1 billion marks just last week. Recently, Ethereum co-founder Vitalik Buterin was seen advocating for moving NFTs to L2 to ease up the pressure on the mainnet.

About Author

An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.