Citi Labs, Blockchain Platform Polygon and Strategic MOU

City Labs, a smart city platform company, announced on the 5th that it has signed a strategic business agreement (MOU) with the blockchain network ‘MATIC’.

With this MOU, Citi Labs plans to integrate and apply smart city industries to polygon’s blockchain ecosystem such as utility tokens, NFT (non-replaceable tokens), and metaverse solutions.

Polygon is a ‘Layer 2’ solution proposed to efficiently carry out Ethereum-based transactions. It provides a comprehensive platform that converges and combines ICT (Information and Communication Technology) such as metaverse, including virtual assets such as tokens and NFT. It constitutes a blockchain ecosystem with high interoperability with the advantages of fast processing speed, high safety, and openness.

Citi Labs is building various solutions such as safety diagnosis of dangerous structures and electric mobility by combining blockchain technology in the smart city industry, where demand is increasing recently. Starting with this MOU, it is planning to make various efforts for convergence between smart cities and blockchain ecosystems In addition, it plans to collaborate with businesses that aim to supply virtual asset services and build and activate new services that incorporate polygon platforms.