NewsCrypto and Polygon join forces to create Stellar tokens to use in Polygon ecosystem

NewsCrypto and Polygon (MATIC/USD) have partnered up to connect the Polygon blockchain to Stellar (XLM/USD) and improve interoperability. Their Wrapped XLM (wXLM) tokens will be used in Polygon’s DeFi ecosystem. Polygon gave NewsCrypto a grant to build an advanced, low-fee bridge between the two ecosystems.

While NewsCrypto’s core business - educating crypto novices – wouldn’t imply such a partnership, their NWC token was originally launched on Stellar. Therefore, NewsCrypto has the experience needed to create an interoperable platform with Stellar, bringing the DeFi opportunities on Polygon to the XLM ecosystem.

Sandeep Nailwal, Cofounder of Polygon, commented:

The newly developed Stellar-Polygon bridge offers negligible fees and near-instant swaps as the two blockchains have very high throughput. The bridge was designed to be completely safe. It uses Chainlink’s (LINK/USD) Proof of Reserve to strike the perfect balance between swap wallets as well as decentralized multi-signature schemes.

Arjun Kalsy, VP Growth at Polygon, said:

Vid Gradišar, CEO of NewsCrypto, added:

Polygon’s ecosystem is the main hub for scaling Ethereum-based (ETH/USD) apps. Through bridges with Ethereum, the ecosystem has locked over $10 billion in value. After the partnership with NewsCrypto, it will be possible to unlock another $10 billion in value in the Stellar ecosystem for use in DeFi.