MATIC price rally: Bullish Polygon nears the $1 mark
Polygon (MATIC), a Layer 2 scaling network for Ethereum, is approaching the $1 barrier for the first time since August this year.
MATIC to USD
The price surge in MATIC followed wider bullish moves in the industry as bitcoin (BTC) crossed the $20,000 mark and ether (ETH) broke above $1,500.
As of 26 October, polygon was trading at $0.95, up 7% in the past 24 hours and 11% in the previous week.
It has also managed to break its month-long trend of trading sideways and was up 27% in the past 30-days.
The Nubank partnership
This price rise follows the bullish news that Nubank, a Brazilian fintech company backed by Softbank and Warren Buffett’s Berkshire Hathaway, is using Poylgon to create its own digital token titled nucoin.
Polygon tweeted: “Nubank, the largest FinTech institution in Latin America, joins a long list of global companies like Robinhood, Starbucks, & Stripe that choose Polygon as their entry point to Web3.”
#Polygon is taking @Nubank from #Web2 ➡️ #Web3!
— Polygon - MATIC ???? (@0xPolygon) October 19, 2022
In a strategic partnership with Polygon, Nubank is launching its own chain using #PolygonSupernets & thus its digital token Nucoin #onPolygon ????
This move will open the gateway for 70 mn+ Nubank users to the #Web3 space ???? pic.twitter.com/Fu06Vi7IpV
Nubank will be utilising Polygon Supernet, a blockchain-as-a-service organisation that empowers businesses entries into the crypto industry.
The goal of nucoin is to reward the company’s consumers with an incentivised token economy. Fernando Czapski, the general manager of nucoin, said: “We want to break paradigms and revolutionise the way companies reward people who use their services.”
Wider market trends
As polygon closes in on the $1 mark, crypto giants are experiencing surges after what has been a difficult month.
Since falling below $19,000 on 11 October, bitcoin has recovered some losses. At the time of writing, BTC had risen by more than 6% in the past 24 hours and was trading at $20,600.
Meanwhile, ethere was trading at its highest price following its move to a proof-of-stake consensus last month. ETH was up 17% over the past week and was changing hands at $1,530.
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