On November 3, the MATIC cryptocurrency exchange rate increased by 13%, and this is noticeably more than the average market. The reason is the announcement by JPMorgan about the use of the Polygon blockchain.
One of the world’s leading banks, JPMorgan Chase, made his first real deal on the blockchain. And that blockchain was Polygon, whose native token – MATIC – jumped 13% after the news. The deal to transfer $71,000 in cryptocurrency could be the first major step towards the integration of the blockchain and global financial institutions.
This is not the first major partner of Polygon. Previously, the team became a partner of Meta*-owned social network Instagram*.
* organizations banned in Russia
Polygon has been called the first platform through which Instagram users can mint non-fungible tokens, or NFTs. Users will be able to create, display and sell their tokens directly on the social network.
MATIC has been showing a recovery with the rest of the crypto market since June. However, the cryptocurrency is moving up at a faster pace. During this period, the MATIC rate has grown by 200% and the trend is likely to continue.
Polygon’s user base is also growing. In the 3rd quarter of 2022, the number of wallets on the chain reached 6 million. Growth in this direction is associated primarily with the launch of the NFT market from Reddit on the blockchain.
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