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What is USDC and MATIC and why does Closin use them?
Investments in properties listed on the Closin platform are made in a cryptocurrency called USDC and utilizing the Polygon network, which uses a cryptocurrency called MATIC to pay for transaction fees. Closin utilizes the Polygon network due to its speed, security and low transaction fees.
USDC is a type of cryptocurrency known as a stablecoin, which is a cryptocurrency that is pegged to a reference asset, in this case the United States dollar. USDC is redeemable on a 1:1 basis for US dollars and is backed by dollar denominated assets held in segregated accounts with US regulated financial institutions. Closin uses USDC due to its lower transaction fees and compatibility with smart contracts, which Closin utilizes as a secure escrow for your investment and other investor funds.
MATIC is a cryptocurrency that is used on the Polygon network, which is what Closin uses to handle all of the property investment transactions. MATIC is used to pay transaction fees on the Polygon network, such as each time you make an investment in a property on the Closin platform. Each transaction on the Closin platform should not incur transaction fees of more than $0.05 USD.