Introducing NGNC.x and NGNC on Polygon

So today we introduce two things:-

• NGNC.x (live only on the Polygon Network!)
• Polygon NGNC

a. NGNC.x would represent the NGN Coin token issued to users everytime they on ramp fiat NGN unto the polygon network and can be redeemed 1:1 for Nigerian Naira.

b. Meanwhile On the oracle/price feeds what can be sent is the mid-market rate for a USD/NGN pair representing USDC/NGNC on platforms like DFX and Jarvis exchange which is used to power cross border payments handled by LINK (Polygon NGNC here is only accessible by LINK)

So in Short:

1. NGNC.x is the polygon version of NGN Coin accessible to users for on/off ramps through our B2B Platform, APIs and wallets that integrate NGN On & Off Ramps for Polygon. The supply represented here are fiat deposits of NGN made into the Polygon network from the channels listed above. All NGNC.x can be redeemed 1:1 for fiat Naira.
2. NGNC is an internal stablecoin used to power our current and future platforms (LINK P2P and WA/VY) for cross border payments leveraging fx platforms like Jarvis and DFX Finance as backbones. LINK is the 3rd party in the transactions that happen here (The Total supply here would be represented by fiat deposits made through the LINK P2P Platform for transactions). All NGNC can be redeemed 1:1 for fiat Naira.

Why NGNC.x?

1. To prevent the use of the token (NGNC) for Arbitrage
2. To preserve the value of our Native currency
3. Protect the interest of our partners
4. Maintain stability and promote scalability

Naira heads to N1,000 per dollar as scarcity worsens

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Thank you for the support!