Polygon Blockchain acquires Hermez Network for 250 million USD

Ethereum scaling project Polygon (formerly Matic Network) has acquired Hermez Network. Hermez is a ZK-Rollups-based Ethereum scaling solution. Polygon paid $250 million. In addition the two projects are also merging their native tokens - MATIC and HEZ - in the first-ever such deal in the crypto space.

In a recent press release,Polygon said it was proud that Hermez, one of the most prominent zero knowledge (ZK) cryptography based scaling projects and teams, will be joining Polygon.Both companies will be under the new name Polygon Hermez. The acquisition will become a part of the growing Polygon suite that already offers solutions such as Polygon PoS, Polygon SDK, Polygon Avail etc.

"We thank the whole Polygon and Ethereum community for all the support so far and we invite you to stay with us moving forward; this journey is about to get even more exciting", says Sandeep Nailwal, co-founder at Polygon.