Main navigation

Polygon Lands New Partner Despite SEC Securities Label: Details

Wed, 06/14/2023 - 14:51
article image
Godfrey Benjamin
Polygon and India's Flipkart have teamed up to launch NFT loyalty campaign
Polygon Lands New Partner Despite SEC Securities Label: Details
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

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.

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.

MATIC Keeps Surging as Starbucks and Polygon Collaboration Goes Live

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.

article image
About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.