Nimiq adds support for gas-abstracted USDC transactions on Polygon

Silicon Paradise, Costa Rica, March 22, 2023 – Blockchain ecosystem Nimiq has introduced gas-abstracted USDC transactions for Polygon users within its native wallet. The novel feature, incorporated into Nimiq’s non-custodial wallet, makes it easier and more feasible for merchants to accept crypto, avoiding the typical volatility.

The latest innovation to be added to Nimiq Wallet allows USDC to be sent and received without requiring MATIC to cover network fees. In addition to aiding web3 onboarding, this feature saves users from needing to hold a secondary token at all times to cover gas.

Gas abstraction allows users to pay network fees with any token they hold. For example, a wallet that holds only USDC can transfer the token despite having no MATIC in its wallet. The relayer converts a fraction of the USDC into MATIC, pays the transaction fee on behalf of the user, and sends the transaction to the network.

The Nimiq Wallet is one of the first self-custodial wallets to implement Polygon’s gas-abstracted transactions powered by open GSN. This combination provides an optimum experience for merchants looking to get started with crypto using a stablecoin. Polygon is an ideal network for USDC transactions on account of its speed and low-fee environment.

Nimiq Ambassador Max Burger said: “We want to make crypto payments accessible to everyone. Adding gas-abstracted USDC transactions to our wallet is a big step towards that goal. Merchants can get started with crypto using an asset that’s very close to what they already know. As they become more knowledgeable, our wallet provides a path to discover the wider crypto world with features like atomic swaps and a crypto map.” 

Head of DeFi at Polygon Labs, Hamzah Khan, shared their enthusiasm for the deployment, stating, “We are excited that Nimiq is working on this groundbreaking development on Polygon. By offering gas-abstracted USDC transactions, they’re streamlining the user experience and promoting wider adoption of digital assets. This innovative solution aligns with our vision to make Web3 more accessible and user-friendly. We look forward to continuing our collaboration with Nimiq to drive further advancements in the space.”

Nimiq’s approach eliminates the need for users to familiarize themselves with other coins to send and receive USDC. The wallet’s built-in smart contract ensures that all gas fees from USDC are automatically converted into MATIC. This significantly reduces friction and makes it easy for users to adopt USDC as an everyday payment method.

Nimiq also supports atomic swaps between USDC, BTC, and NIM (Nimiq’s native payment coin) and a crypto map to help users find merchants accepting cryptocurrency. Other features include, Nimiq’s free point-of-sale solution for merchants.

About Nimiq

Nimiq is a blockchain ecosystem for payments. It’s designed to make cryptocurrencies easy for everyone without compromising decentralization. Nimiq is building a self-custodial financial ecosystem, including a digital currency, fast payments, cheap remittances, and passive income available to everyone. Gas-abstracted USDC transactions are available in the latest release of the Nimiq Wallet.

Learn more:

Mark Peterson

Mark Peterson has been following the crypto market for the past seven years. As a crypto news journalist, he has recently joined our team. He regularly delivers the most recent happenings of the crypto space. He enjoys writing poems and exploring various crypto trading platforms in his spare time.

Related Articles

Back to top button