The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
The Polygon Blockchain saw significant gains in value following the announcement that JPMorgan, Meta, and other big hitters were tapping into the crypto. Polygon's native cryptocurrency, MATIC, price surges as JPMorgan and Meta’s Instagram join Disney, Starbucks, and Robinhood as partners.
The JPMorgan move is just one of a host of big players to use the Polygon Blockchain ecosystem. The Walt Disney Company also selected Polygon to participate in the 2022 Disney Accelerator Program. Disney's exclusive entrepreneurial program included Polygon in the small number of included companies.
In September, coffee giant Starbucks tapped Polygon's blockchain technology to build its new Web3 experience, Starbucks Odyssey. As a result, Starbucks Rewards loyalty program members and their employees in the US can earn and buy digital collectible stamps in the form of non-fungible tokens (NFTs).
Meanwhile, commission-free stock, options, ETF, and cryptocurrency traders Robinhood chose Polygon as the first blockchain network to support its new Web3 wallet. The link-up opened access to decentralized finance (DeFi) for millions of US customers.
Meta, the Facebook and Instagram parent company, has also joined forces with Polygon to allow users to mint, showcase and trade their collectibles on and off Instagram. In addition, The app will pull NFT metadata from OpenSea to enable viewing collection names and descriptions on Instagram.
Stephane Kasriel, Meta's Head of Commerce and Fintech, said, "A small group of creators will soon be able to create digital collectibles (NFTs) and sell them right on Instagram."
Meta will start the rollout to a select few artists and creators before widening it to their broader audience. Among those selected are visual artist Ilse Valfré, photographer DrifterShoots, and artist Amber Vittoria. Vittoria Tweeted her support, saying, "Meta and Instagram are consistently finding new and innovative ways to help creators support themselves and their art practice." This move by Meta is consistent with their approach to Web3. Earlier in the year, the company rolled out a wallet connection feature to a small group of select creators.
Financial services giant JPMorgan executed its first digital finance trade using Ethereum's second layer solution Polygon to issue tokenized $71,000 in a cross-border transaction as part of the Monetary Authority of Singapore (MAS) Project Guardian pilot. Project Guardian is a collaboration between MAS and several important financial companies who will serve as trust anchors.
This move saw JPMorgan, DBS Bank, and SBI Digital Asset Holdings carry out foreign exchange and government bond cross-currency transactions involving tokenized Japanese Yen and Singapore Dollar deposits.
The position of JPMorgan is in contrast to that of its CEO, Jamie Dimon, who called crypto a Ponzi scheme. Giving testimony to Congress, Dimon said he was a "major skeptic on crypto tokens." He added that cryptocurrencies, like Bitcoin, are "decentralized Ponzi schemes, and the notion that it is good for anybody is unbelievable." In January last year, he said that banks should be "scared shitless" by Fintech, saying that they were competing unfairly.
Polygon's crypto coin MATIC is currently their top-performing asset among the cryptocurrencies. Prices surged as crypto enthusiasts welcomed the latest announcements from JPMorgan, Instagram, and others. The Polygon blockchain-backed utility and staking token saw a 13% rise in value following the news.
This upturn in MATIC's fortunes is part of the general recovery that crypto is witnessing. From June this year, MATIC's price has gained 200%, a trend many say will continue well into the new year.
Binance, the World’s largest crypto exchange by volume, is apparently considering acquiring banks. In a report by Bloomberg, Binance is interested in purchasing banking institutions. The move comes at a time when traditional finance is increasingly interconnecting with the digital assets industry.
Speaking at a crypto conference in Portugal, Binance CEO Changpeng (CZ) Zhao said, “There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things. We want to be the bridge between crypto and the traditional financial world.”
The crypto world's most wanted man, failed Terra Labs boss Do Kwon, is reportedly living in Europe after fleeing Singapore. The report from Korea's State broadcaster KBS says that the billionaire's whereabouts have been partially discovered. In addition, the broadcaster also reports that Kwon's passport has been canceled. He is, therefore, unable to cross any borders legally.
Do Kwon was the subject of an Interpol Red Notice issued on September 15th. A Red Notice makes the recipient a wanted person in most countries worldwide. Kwon is charged with fraud and tax evasion.
A proposal by Matter Labs to deploy Aave on Ethereum Scaler zkSync was approved unanimously by their community members. All members voted in favor, with just 0.02% abstaining. This motion is to deploy Aave on the zkSync testnet. Matter Labs will need to propose a new vote to move forward with mainnet deployment.
zkSync tweeted, “Earlier today, the proposal for Aave to deploy on zkSync 2.0 passed, and we’re excited to share what the integration of their open-sourced liquidity protocol will mean for our ecosystem.”
According to the Worldwide digital peer-to-peer payments company Monogram, users within certain regions are now able to trade and store Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). In addition, the company plans to increase the number of digital currencies on its app during next year. The move forward is, of course, governed by global regulations.
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The much talked about Polygon MATIC cryptocurrency platform is directed and discussed to provide a thorough guide to this relatively new kid on the block
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