Polygon and Solana have competed for years for developers, users and transaction volumes. Now, the two blockchain networks are joining forces to make it easier for businesses to move money between cryptocurrencies and traditional bank accounts.
Polygon Labs is bringing its Open Money Stack payments infrastructure to Solana, allowing businesses on the rival network to access bank funding, digital wallets, cross-chain transfers and payouts through a single integration.
Banks and payment companies are increasingly using stablecoins for transfers and settlement. Meanwhile, Polygon and Solana have spent years competing for blockchain activity. Their agreement gives their customers, mostly businesses, access to both networks without needing to choose one over the other.
“Polygon and Solana may compete in certain areas, but Polygon has expanded beyond providing only a chain into broader payments infrastructure,” Aishwary Gupta, global head of business at Polygon Labs, told CoinDesk. “Businesses shouldn’t have to rebuild their payments infrastructure for every network,” he added.
In 2022, Polygon co-founder Sandeep Nailwal challenged claims that Solana had attracted more users, arguing that Polygon had more active users and developers. In 2023, Polygon paid $3 million to bring two prominent Solana NFT projects, DeGods and y00ts, onto its network.
