Polygon (MATIC) Jumps 20% Following Instagram Integration
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Polygon is a DeFi scaling platform on the Ethereum blockchain. The native token of Polygon MATIC has caught the eyes of cryptocurrency investors based on its latest business coalitions. Financial giant JP Morgan has also recently confirmed an exclusive deal with the Polygon network.
It is important to note that the decision was greenlit by Meta, the parent company of Instagram. The display-oriented social media platform has taken an interest in the NFT generation tools. These tools are going to help the Insta-users on the platform to mint, sell, and display their digital collections online and offline.
JP Morgan’s Deal with Polygon Network
MATIC investors are hyped up about the latest service agreements that the crypto organization has announced. JP Morgan has also signed a 5-year live trade service deal with Polygon network valued at $71,000. To this end, Polygon is shorting the distance between the traditional and blockchain ecosystems.
MATIC is a utility token that has managed to gain around 20% since the announcements hit the mainstream markets. There are speculations that MATIC can appreciate by 200% on account of a visible exponential increase in daily trading volume. Polygon is already working alongside projects like Starbucks, Robinhood, and Disney for NFT services.
It seems that most cryptocurrency platforms have started to diversify their capital into TradeFi ventures. However, the fundamentals are still not in favor of cryptocurrency progression. The addition of name brands with Polygon is still not a 100% warranty from ruin in case of a crypto market collapse.
Technical investors have noticed a cup-and-handle pattern that is faring in the neckline range. Such a trading trend can reject any possibility of a bullish correction strongly. However, by covering the distance between TradFi and DeFi, the cryptocurrency sector can strengthen and ensure a faster recovery.
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