Polygon bought out Hermez Network for $250 million – Bits Media

Polygon Project Guide, formerly known as MATIC, announced the purchase of the Hermez Network scaling project for $250 million. In this case, the project tokens will be merged together.

The merger of tokens as part of the purchase of one company by another will take place for the first time in the history of the cryptocurrency industry. According to
blog article, 26 of 80 Hermez employees will join the Polygon team. Polygon co-founder Mikhail Bjelic (Mihailo Bjelic) noted:

“This is the first full-scale blockchain merger, when one network completely absorbs the other, including tokens ".

In a merger, HEZ token holders will receive 3.5 MATIC for each HEZ. For this, special "exchange smart contracts" will be launched. According to Bjelich, largest HEZ holders, on the wallets of which more than 90% issued tokens, were aware of the deal and approved such an exchange.

For the purchase of Hermez Network, Polygon management unlocked tokens in its vault in the amount of $250 million. Also, tokens were unlocked in the amount of $1 billion to invest in blockchain scaling solutions based on ZK roll-ups. Polygon co-founder emphasized:

“We see solutions based on ZK roll-ups and swaps as the only strategic resource for scaling the blockchain and developing infrastructure.. We have a clear goal of becoming a leading company in this field in the coming years. ".

At the end of July, the Polygon project launched its own studio Polygon Studios, which will develop games on the blockchain and solutions for the issuance of collectible tokens (NFT).