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Polygon Lands New Partner Despite SEC Securities Label: Details

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Wed, 14/06/2023 - 14:51
Polygon Lands New Partner Despite SEC Securities Label: Details
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Despite its current designation as a security by the United States Securities and Exchange Commission (SEC), Polygon has continued to broaden its ecosystem. As recently unveiled by Polygon Labs, Flipkart, the Indian multinational online shopping platform, is now the new partner of the Ethereum Layer 2 scaling protocol.

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The Polygon-Flipkart deal is designed to offer users of the shopping outfit an opportunity to heap rewards based on their loyalty to its services. The brand-first loyalty program is dubbed FireDrops 2.0, and it is designed to revolutionize brand marketing, storytelling and customer engagement on the Polygon network.

As detailed by Polygon, Firedrops 2.0 is powered by Hang, and it will grant users of the Flipkart platform "a personalized, engaging, & rewarding experience through gamification with a benefits structure using NFT tech."

Specifically, users will stand to benefit from lifetime discounts, membership passes and other rewards that can be gleaned through rewards and quests. Polygon has been positioning itself for impact in the Web3.0 space, and the embrace of Flipkart did not come as a surprise seeing how the protocol is high energy and conforms to the sustainability push of Flipkart.

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SEC scare not a deterrent

Ideally, inking new partners is expected to slow down the pace at which Polygon (MATIC) and the other tokens designated by the SEC as investment contracts get new partners. With the announcement of its Flipkart deal, it is evident that global partners do not care as much about what the status of the token is.

Polygon has particularly inked a space for itself in the consumer world through its non-fungible token (NFT) based loyalty campaigns. The protocol inked a related deal with American coffee chain Starbucks, which launched its Odyssey NFT loyalty campaign on Polygon last year.

Considering its scalability and growing economy, Polygon is on track to live beyond its current label from the U.S. SEC.

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