Polygon’s native token, MATIC, continued its bullish rise, with its price rising up by over 50% to succeed in $0.5987 within the final 7 days. MATIC can also be up by 21% within the final 24 hours.
Last evening, Coinbase announced the integration of Polygon, which exposes MATIC to an even bigger pool of merchants.
What Is Causing Polygon’s Upward Trend
Coinbase introduced that they’d assist the shopping for and promoting of ETH, USDC, and MATIC on Polygon. In the announcement, Coinbase’s director of product administration, Nemin Dalal, pointed to the skyrocketing gas fees on Ethereum as the primary cause for the transfer.
He additionally cited the time and complexity required to maneuver crypto throughout networks. He believes that the combination can scale back this time and value to a fraction of what it takes in different exchanges.
FTX additionally lately introduced the availability of USDC on the Polygon community on their change.
Another cause for MATIC’s rise is the achievement of its long-term purpose of carbon neutrality. Bentley Motors announced its plunge into the NFT market with a one-time NFT drop by the blockchain. They additionally talked about Polygon’s carbon neutrality as an necessary issue of their selection.
Polygon’s lately launched Identity Proofs which permits customers to vote on proposals with out disclosing their identification may additionally have helped MATIC’s trigger. The transfer leans additional into the decentralized nature of blockchain know-how.
The token can also be seeing elevated accumulation by whales after a considerable drop in costs this yr.
Could The Integration Help Coinbase?
Recently, Coinbase’s share took a downturn when Binance.US introduced zero charges for spot buying and selling of some cryptocurrencies. Polygon’s integration by Coinbase may need come as a response to the stiff competitors that Coinbase is going through from different exchanges. Coinbase additionally introduced that it will additionally assist the commerce of USDC on Solana.
Coinbase’s shares rose 13% on Thursday.
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