Transfers through the Ethereum network can amount to hefty gas fees these days. Even though Nexo allows you to get up to five free crypto withdrawals per month, they want to make transferring digital assets more cost-efficient for you. After the successful integration with the Polygon Network in late January 2022, they are now launching the Nexo Multichain Bridge – a cheaper and faster way to top up and withdraw from Ethereum to Polygon and vice-versa.
At the initial phase of its launch, Nexo is adding the Multichain Bridge as an option for top-ups and withdrawals for MATIC and the following stablecoins.
- USD Coin (USDC)
- Tether (USDT)
- Dai (DAI)
How to Benefit from the Nexo Multichain Bridge?
Being the top Layer-2 solution for Ethereum scaling, Polygon is the go-to choice for many dApps. One of the preferred ways to transfer ERC-20 tokens to the Polygon network is through blockchain bridge solutions. With the new Nexo Multichain Bridge, top-ups and withdrawals from Ethereum to Polygon and vice-versa are passed automatically and immediately, without any fees for the bridge service.
Here are a three use cases for the Nexo Multichain Bridge.
- Top up your Polygon USDC, USDT & DAI to your Polygon addresses with near-zero gas fees.
- Withdraw your Polygon or ERC-20 USDC, USDT & DAI to your Polygon addresses with no gas fees.
- Withdraw your Polygon USDC, USDT & DAI to your Ethereum addresses much faster. Upgrade to the Platinum tier of our Loyalty Program and get five absolutely free withdrawals.
By using the Nexo Multichain Bridge you save time and expenses from going through costly third-party blockchain bridge solutions. You also get the convenience of keeping your assets in a single and secure platform – the Nexo wallet.
All withdrawals on the Polygon network are free and will not count towards your monthly free withdrawals limits.
Why Top Up Your Polygon Assets on Nexo?
On Nexo, you can transfer your Polygon (MATIC) and Ethereum (ERC-20) assets from DeFi wallets and other applications at minimum cost, and put them to use with our high-earn products.
- Earn up to 17% APR:* As soon as you transfer your USDC, USDT, DAI and MATIC to Nexo you can swap them for high-yield assets. You can withdraw anytime with a Flex Term or you can lock your crypto and earn a higher yield of up to 17% APR on a Fixed Term.
- Borrow from Just 0% APR:** On Nexo, you can use your crypto as collateral to borrow cash or stablecoins from just 0% APR. There are no prepayment, origination, or installment fees and you keep the assets you’ve used as collateral.
- Get up to 0.5% Cashback on Each Swap: Every time you perform a swap, you receive instant cashback. Spoiler alert: we have many exotic pairs on the Nexo Exchange, so go explore.
- Boost & Get up to 3x More Crypto: Use the Nexo Booster to buy up to three times more of the digital assets you want to acquire, by financing the acquisition through a crypto-backed credit.
*The Nexo Earn Interest Product is not available for citizens or residents of certain jurisdictions, including where restrictions may apply, such as Bulgaria, Estonia, and the USA.
**Nexo’s Instant Crypto Credit Lines are not available for citizens or residents of certain jurisdictions, such as Bulgaria, Estonia and the State of New York.
How to Top Up Your Stablecoins on Nexo?
- Open the app and click on the Wallet tab at the bottom of your screen.
- Select the stablecoin you want to top up and tap the “Top up” button.
- In the “Network” drop-down list, select “Polygon PoS” or “Ethereum”.
- Copy your private “deposit address”.
- Paste it in the “sent to/withdraw address” field on the platform you are using to transfer your assets to Nexo. Make sure to execute the transfer over the Polygon network.
How to Whitelist Your Polygon & ERC-20 Addresses on Nexo?
Whitelisting allows you to make secure crypto withdrawals, preventing you from sending funds to wrong addresses and protecting you in the event of an unauthorized access to your Nexo account.
- Go to the “My Profile” section in the top left corner and tap on “Security”.
- Click on the “Address Book” section.
- Tap the slider to enable whitelisting, if you haven’t already, to “New Address”.
- Select an asset, choose your preferred network and fill out the rest of the required information.
- Tap “Save Address”, enter your 2FA code and you are done!
By default once whitelisting is enabled, you get a 4-hour security delay for adding new addresses or disabling whitelisting altogether. To keep your account more secure, you can increase the length of the security delay to provide an additional line of defense in the unlikely event of an account takeover.
After the addition of the MATIC token and the Polygon network, the launch of the Nexo Multichain Bridge is an important step towards improving your experience with us. We’re working towards expanding the Nexo Multichain Bridge to more cryptocurrencies on the platform.
About Polygon and Multichain Transfers
Polygon has been developed to help increase the network scalability and overall transaction speed of the Ethereum blockchain. Its growing suite of products offers developers easy access to major scaling and infrastructure solutions. Cross-chain transfers add interoperability between different blockchains and allow moving the same token between networks.
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Author
Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.
