HomeNEWSPolygon Labs, SK Telecoms collaborates to accelerate the advancement of web3

Polygon Labs, SK Telecoms collaborates to accelerate the advancement of web3


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Prominent blockchain firm, Polygon Labs has collaborated with SK Telecom, a leading mobile carrier in South Korea. According to a post on X (formerly Twitter), the Blockchain firm indicated that the partnership will focus on advancing the Web3 space. Consequently, the duo will scout promising startups that are qualified for incubation. 

Also, their collaboration will see SK Telecom’s NFT marketplace TopPort support the Polygon blockchain. The support as revealed will further strengthen the priority of the two firms toward the web3 space. Meanwhile, the collaboration with SK Telecom will further enhance the presence of the blockchain firm in the Web3 space. 

The CEO of Polygon Labs, Marc Boiron in his submission reflected the company’s focus on the web3 landscape. More so, the CEO indicated that Polygon Labs views the collaboration as an important step in providing Web3 experiences to more consumers. The recent collaboration with SK Telecom represents another relationship between the blockchain firm and a telecommunications company 

Similarly, on May 31, 2023, Polygon added German telecommunication company, Deutsche Telekom to its list of validators. According to a Binbits report, Deutsche Telekom will offer staking and validation services for the blockchain’s Proof-of-Stake (PoS) network and Supernets solutions.

Side notes about Polygon  

Lately, Polygon Labs has intensified its focus on the web3 space. Owing to that, the network has emerged as one of the leading Web3 gaming platforms. On June 13, 2023, the network collaborated with Flipkart on a loyalty program with a focus on onboarding more users to the Web3 space. Accordingly, the collaboration birthed the establishment of an NFT marketplace, to allow participants of the loyalty program to sell their rewards. 

Recently, the network unveiled a proposal to upgrade its native token; MATIC, to a multipurpose token. Further, the purpose of the initiative is to avail the token to other blockchain networks. Likewise, the proposal contains the renaming of the native token from MATIC to POL. 

Since its launching in 2017, Polygon has gone from strength to strength establishing itself as a force to reckon with in the blockchain landscape. In the decentralized finance space, the project plays host to many DeFi platforms. According to DeFiLlama, the network has a Total Value Lock (TVL) worth $855.9 million as of press time. 

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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