South Korean KODA Partners With Polygon Labs to Provide Hosting Services

04/24/2023 03:14 • NFT Newsflash • 92 views

On April 24th, according to Hankyung, South Korean Digital Asset Company (KODA) announced a commercial agreement with Polygon Labs to provide hosting services for Polygon’s main network and collaborate to support Polygon based projects. KODA is a joint venture established by KB National Bank, Hashed, and Haechi Labs, and is a virtual asset custody service company in South Korea.

KODA, a South Korean digital asset custody company, will provide custody services for Polygon’s main network

Introduction

On April 24th, KODA, a South Korean digital asset company, announced a commercial agreement with Polygon Labs to provide hosting services for Polygon’s main network and collaborate to support Polygon-based projects. KODA is a joint venture established by KB National Bank, Hashed, and Haechi Labs, and it is a virtual asset custody service company in South Korea.

What is KODA, and What Services Does It Offer?

KODA is a digital asset company that facilitates the safe storage, management, and trading of various cryptocurrencies and tokens. They primarily offer custodial services, which involve storing digital assets in secure offline vaults to protect against theft and hacking. Additionally, KODA provides asset management, institutional-grade trading, and other related services to its clients.

What is Polygon, and Why Is It Important?

Polygon is a Layer 2 scaling solution for Ethereum that seeks to address issues such as high gas fees and slow transaction times. It achieves this by using sidechains that can interact with the Ethereum mainnet, allowing for faster and cheaper transactions while maintaining the security of the network. Polygon also supports the development of decentralized applications (dApps) on its platform and has already gained popularity among developers and users alike.

The Partnership Between KODA and Polygon Labs

The partnership between KODA and Polygon Labs represents a significant step forward for both companies. By providing hosting services for Polygon’s main network, KODA will be able to offer its clients access to faster and cheaper transactions on the Polygon platform. Additionally, KODA will collaborate with Polygon Labs to support Polygon-based projects, potentially unlocking new opportunities for growth and innovation in the space.

The Significance of the Partnership for the Cryptocurrency Industry

The partnership between KODA and Polygon Labs is significant for several reasons. Firstly, it highlights the growing importance of digital asset custody services and their crucial role in facilitating the safe and secure storage of cryptocurrencies and tokens. This has become especially important as institutional investors and large corporations begin to enter the cryptocurrency space.

Conclusion

In conclusion, the partnership between KODA and Polygon Labs is a positive development for both companies and the wider cryptocurrency industry. It represents a step forward in the ongoing effort to address scalability and transaction speed issues on the Ethereum network, while also highlighting the importance of digital asset custody services. KODA’s collaboration with Polygon Labs has the potential to unlock new opportunities and initiatives in the space, and we look forward to seeing the results of this partnership.

FAQs

1. What is KODA, and what services does it offer?
KODA is a digital asset company that offers custodial services, asset management, institutional-grade trading, and other related services to clients.
2. What is Polygon, and why is it important?
Polygon is a Layer 2 scaling solution for Ethereum that offers faster and cheaper transactions while maintaining the security of the network. It also supports the development of dApps on its platform.
3. Why is the partnership between KODA and Polygon Labs significant?
The partnership highlights the importance of digital asset custody services, as well as the ongoing efforts to address scalability and transaction speed issues on the Ethereum network. Additionally, it has the potential to unlock new opportunities and initiatives in the cryptocurrency space.

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