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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 be up by 21% within the final 24 hours.

Last night time, 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 motive 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 price to a fraction of what it takes in different exchanges. 

FTX additionally just lately introduced the availability of USDC on the Polygon community on their change. 

Another motive for MATIC’s rise is the achievement of its long-term aim 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 vital issue of their selection. 

Polygon’s just 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 expertise. 

The token can 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 might need come as a response to the stiff competitors that Coinbase is going through from different exchanges. Coinbase additionally introduced that it might additionally assist the commerce of USDC on Solana. 

Coinbase’s shares rose 13% on Thursday. 

Nidhish is a expertise fanatic, whose purpose is to seek out elegant technical options to resolve a few of society’s greatest points. He is a fim believer of decentralization and needs to work on the mainstream adoption of Blockchain. He can be large into nearly each well-liked sports activities and likes to converse on all kinds of matters.

The offered content material could embrace the non-public opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability to your private monetary loss.