Sports betting giant, DraftKings, is taking steps toward a future that’s crypto-based and decentralized. Partnering with Zero Hash, the company’s technology will further integrate with Polygon’s platform to stake digital assets.
What is Polygon?
When it comes to Ethereum-based blockchain infrastructure development and scaling, Polygon is a leader in the industry. Noted in the press release, it has products that allow clients to speed up the process of validating blockchain transactions.
Ethereum, an open-sourced and decentralized blockchain, has an ever–increasing volume of users. This means that there’s always a need to process blockchain transactions faster.
Companies like DraftKings can ‘stake,’ or invest, cryptocurrency with Polygon to assist in speeding up blockchain transactions.
In return for staking their owned cryptocurrency, companies get rewards. Much of the time, those rewards are in the form of more crypto.
“We’re delighted to welcome DraftKings as one of the first corporate validators in our network,” said Polygon co-founder, Sandeep Nailwal. “As a validator, DraftKings will become an even more active participant in the Polygon ecosystem, playing a critical role in guaranteeing the integrity of the blockchain and securing the network.”
How will Zero Hash support DraftKings?
The back end integration of a platform like Polygon is complex. That’s where Zero Hash comes into play as a B2B intermediary between the sports betting professionals DraftKings, and Polygon.
Zero Hash has a turnkey solution that integrates crypto assets to a company’s customer experience in a quick and easy fashion. Moreover, it eliminates the need for the company to deal with complex processes and licensing requirements when offering blockchain asset products.
The company also recently created a suite of products that provide ‘staking–as–a–service.’ These products deliver back-end infrastructure and framework that allow companies to earn crypto rewards.
“Zero Hash is proud to be the turnkey technology provider for those looking to enter the PoS space,” said Zero Hash CEO, Edward Woodford.
Furthermore, the company’s suite of products uses Rest API to offer a seamless staking experience for companies to earn those crypto rewards.
“Zero Hash’s mission is to empower every fintech and consumer business through access to digital assets,” said Woodford. “We are excited to support innovative companies like DraftKings as they look to stake digital assets as part of their portfolio-management strategy.”
What do these partnerships mean for DraftKings?
DraftKings’ move toward a partnership with Polygon and Zero Hash is essentially an investment that will grow its capital. Additionally, operating a validator node with Polygon will result in additional crypto rewards for the company.
President and Co-Founder of DraftKings’ Global Product and Technology is Paul Liberman. He recently spoke of the company’s vision when it comes to technology like blockchain.
“Participating in validation supports DraftKings’ broader strategy of building out a robust, sustainable, trustworthy and decentralized infrastructure,” he said. “To help futureproof aspects of our business in the Web3 era.”
Liberman also recognizes that the company’s digital assets goals cannot be realized without some help from leaders in the industry.
“We cannot accomplish this vision alone,” he said. “So teaming up with industry luminaries like the team at Zero Hash in addition to Polygon is essential to our blockchain and related efforts moving forward.”