DraftKings Joins Forces With Zero Hash to Earn Staking Rewards on Polygon

Rhea-AI Summary

DraftKings has partnered with Zero Hash to become a corporate validator on the Polygon blockchain, enhancing its Web3 efforts. This collaboration enables DraftKings to stake digital assets, thereby optimizing working capital and liquidity while contributing to Polygon's governance. The move is part of DraftKings' strategy to build a decentralized infrastructure, emphasizing their commitment to Web3 initiatives. Overall, this partnership positions DraftKings to play a key role in the growing Proof of Stake ecosystem, which has seen significant institutional interest.

Positive

• DraftKings becomes a corporate validator on the Polygon blockchain, enhancing its digital asset strategy.
• The partnership with Zero Hash optimizes DraftKings' working capital and liquidity.
• Participation in validation supports DraftKings' broader strategy for sustainable infrastructure in the Web3 era.

Negative

• None.

Blockchain Infrastructure Agreement Supports DraftKings Becoming One of the First Corporate Validators on Polygon

BOSTON and CHICAGO and DUBAI, United Arab Emirates, March 07, 2022 (GLOBE NEWSWIRE) -- In its latest Web3 initiative, DraftKings (Nasdaq: DKNG) announced today a collaboration with Zero Hash that allows the sports technology and entertainment company to stake digital assets it holds in its treasury to support the Polygon (MATIC) blockchain network. With this collaboration, DraftKings is optimizing its working capital and liquidity as it operates a validator node that contributes to Polygon’s governance and network security.

“Participating in validation supports DraftKings’ broader strategy of building out a robust, sustainable, trustworthy and decentralized infrastructure to help futureproof aspects of our business in the Web3 era,” said Paul Liberman, Co-Founder and President of Global Product and Technology at DraftKings. “We cannot accomplish this vision alone, 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.”

The leading B2B digital assets infrastructure provider, Zero Hash recently developed a suite of staking-as-a-service products that provide complete back-end API infrastructure and regulatory framework for companies to earn rewards on crypto and fiat holdings in North America. Platforms can earn rewards on owned crypto and offer this service to their clients. Zero Hash abstracts away the complexity of interacting with proof-of-stake (PoS) networks, and its staking services are offered across several blockchain networks and support both B2B2C and B2B use cases. This solution is implemented via Rest API, which allows for seamless staking rewards opportunities to their customers whilst owning the entire client experience.

“Zero Hash’s mission is to empower every fintech and consumer business through access to digital assets,” said Edward Woodford, CEO at Zero Hash. “We are excited to support innovative companies like DraftKings as they look to stake digital assets as part of their portfolio-management strategy. Zero Hash is proud to be the turnkey technology provider for those looking to enter the PoS space.”

PoS refers to proof of stake, a blockchain consensus mechanism for verifying and adding transactions on a blockchain. “Staking” allows native token holders (for example, MATIC holders) to participate in such transaction efforts by locking up or contributing their tokens for a certain amount of time to a validator to potentially receive a portion of staking rewards generated upon the verification of a new block of transactions. PoS protocols have seen enormous growth, with the market capitalization of the top 10 PoS protocols totalling $200 billion at the start of 2022, reflecting growing relevance with institutions and consumers alike.

“We’re delighted to welcome DraftKings as one of the first corporate validators in our network,” said Sandeep Nailwal, co-founder of Polygon. “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. We are thrilled to have DraftKings as a validator on Polygon.”

Polygon is the fastest growing blockchain with high speed and low gas infrastructure. DeFi bluechip dApps including Sushiswap, Curve, Aave, Balancer, Kyber have all integrated Polygon. This leading Ethereum scaling platform works in parallel with the Ethereum network to improve functionality and promote infrastructure development. Polygon achieves this via its array of scaling solutions, including Polygon PoS, Polygon SDK, Polygon Avail, Polygon Nightfall, and Polygon Hermez.

DraftKings has announced several Web3 initiatives in the past year, including launching its mainstream accessible NFT Marketplace featuring collections from Autograph, a strategic relationship with the Polygon blockchain and an upcoming NFT-based game alongside the NFL Players Association. For the latest on DraftKings Marketplace, customers can visit marketplace.draftkings.com.

About Zero Hash
Zero Hash is a B2B embedded infrastructure platform that allows any platform to integrate digital assets natively into their own customer experience quickly and easily (a matter of API endpoints). Zero Hash’s turnkey solution handles the entire backend complexity and regulatory licensing required to offer digital asset products.

Zero Hash powers neo-banks, broker-dealers, and payment groups to offer digital asset trading and custody, crypto-backed rewards, and round-ups programs, and the ability to earn crypto through staking and DeFi. Clients include MoneyLion, Transak, Deserve, Wirex, MoonPay, tastyworks. Zero Hash is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

Zero Hash Holdings Ltd. is a Delaware C-Corp that wholly owns Zero Hash LLC and Zero Hash Liquidity Services LLC. Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash also holds a virtual currency license from NYDFS. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

Connect with Zero Hash on LinkedIn, or visit www.zerohash.com for more information.

About DraftKings
DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings is a multi-channel provider of sports betting and gaming technologies, powering sports and gaming entertainment for operators in 17 countries. DraftKings’ Sportsbook is live with mobile and/or retail betting operations in the United States pursuant to regulations in Arizona, Colorado, Connecticut, Illinois, Indiana, Iowa, Louisiana, Michigan, Mississippi, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Tennessee, Virginia, West Virginia, and Wyoming. DraftKings’ daily fantasy sports product is available in 6 countries internationally with 15 distinct sports categories. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NBA, MLB, NHL, PGA TOUR and UFC as well as an official daily fantasy partner of NASCAR. Launched in August 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. DraftKings also owns Vegas Sports Information Network, Inc. (VSiN), a multi-platform broadcast and content company.

About Polygon
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.

If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.

Website | Twitter | Ecosystem Twitter | Developer Twitter | Studios Twitter | Telegram | LinkedIn | Reddit | Discord | Instagram | Facebook

Zero Hash Contact
Edward Woodford
(855) 744-7333 Ext: 102
edward@zerohash.com
media@zerohash.com

DraftKings Contact
media@draftkings.com
@DraftKingsNews

Polygon Contact
polygon@cryptolandpr.com

FAQ

What is the partnership between DraftKings and Zero Hash about?

DraftKings has partnered with Zero Hash to stake digital assets on the Polygon blockchain, becoming a corporate validator.

How does DraftKings' involvement in Polygon affect its business?

By becoming a validator on Polygon, DraftKings enhances its digital asset strategy and optimizes working capital.

When was the DraftKings and Zero Hash collaboration announced?

The collaboration was announced on March 7, 2022.

What is the significance of being a validator on the Polygon network for DraftKings?

Being a validator allows DraftKings to participate in governance and security of the Polygon network, reinforcing its position in the blockchain space.

What role does Zero Hash play in the partnership with DraftKings?

Zero Hash provides the staking-as-a-service products and backend infrastructure necessary for DraftKings to stake its digital assets.