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Crypto Firm Polygon Makes $500 Million Buy for Ethereum Push

  • Polygon is purchasing developer of Mir blockchain protocol
  • Acquisition is part of a $1 billion strategy by Polygon
      
Photographer: Manuel Medir/Getty Images
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Crypto platform Polygon is buying startup firm Predicate Labs, the developer of the Mir blockchain protocol, in a deal valued at about $500 million as part of a broader strategy to help expand Ethereum’s capacity and pave the way for broader adoption.

While the Ethereum blockchain is one of the most-used in the world, challenges related to its capacity sometimes mean users pay high fees. Mir has a technology called zero-knowledge rollups that offloads data from Ethereum to reduce fees and to speed up transaction processing.