Polygon Merges With Hermez Network In A $250 Million Deal

There are all kinds of juicy things happening in the crypto space. Despite the massive volatility, prices are doing great today, and Bitcoin is trading above $47k, racing towards $50k.

Check out the latest news in the crypto space below.

Polygon merges with Hermez Network

CoinDesk just noted that Polygon, a “layer 2” platform on the Ethereum blockchain, is merging with rollup platform Hermez Network in a 250 million MATIC deal.

This acquisition was worth about $250 million based on MATIC’s price on Aug. 4, when the deal was struck, as noted by the online publication mentioned above.

They also noted that “Hermez will be absorbed into the Polygon ecosystem under the name Polygon Hermez, where it will become a part of Polygon’s line of products, including Polygon SDK and Polygon Avail.”

The entire Hermez project, meaning its employees, technology and native HEZ token (which holders will be able to exchange at a rate of 3.5 MATIC: 1 HEZ) – will be integrated into Polygon’s platform.

The same online publication mentioned above notes that Polygon’s merger with Hermez is the first complete merger of one blockchain network into another.

Something else that’s definitely worth mentioning is that the Polygon-Hermez merger is part of Polygon’s new strategic focus on ZK technology, also announced Friday.

“We consider ZK cryptography the single most important strategic resource for blockchain scaling and infrastructure development, and we have a clear goal of becoming the leading force and contributor in this field for years to come,” Polygon co-founder Mihailo Bjelic told CoinDesk.

The crypto market today

Today, the crypto market looks great with all the important coins trading in the green.

At the moment of writing this article, BTC is trading in the green and the king coin is priced at $47,808.79.

There are all kinds of optimistic predictions about the price of the king coin despite the market volatility.

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