Big four auditing firm Ernst & Young (EY) is using Polygon (CRYPTO: MATIC) for its enterprise blockchain offering to avoid Ethereum’s (CRYPTO: ETH) high fees and slow transaction processing.
What Happened: According to a Monday announcement, EY’s blockchain services will be integrated with Polygon with support for Ethereum transactions to be committed to the main blockchain through this network.
The auditor said the newly adopted network will allow its blockchain service customers to count on increased transaction throughput with predictable fees and settlement times.
EY also revealed that it is working with Polygon to start offering permissioned and private, optimistic rollup-based blockchains. Optimistic rollups are a scalability solution that significantly decreases the cost of transactions while also making them drastically faster.
Paul Brody, global blockchain leader at EY, said that “with Polygon provides EY teams with a powerful set of tools to scale transactions” while also offering “a faster roadmap to integration on the public Ethereum mainnet.”
Price Action: According to CoinMarketCap data, Polygon saw its price rally on the news by 11.35% from its 24-hour low of $1.2055 to a high of $1.3424 as of press time.