Korean Finance Giant Partners With Polygon Labs, Can It Push MATIC Above $1?
07 September 2023 - 2:30PM
NEWSBTC
A major Korean finance powerhouse, Mirae Asset Securities, has
joined hands with a popular blockchain network, Polygon. This
partnership has ignited curiosity about how it might impact the
price of Polygon’s native cryptocurrency, MATIC. Top
Financial Organizations Join Forces With Polygon To Create
Tokenized Securities Network In the early hours of today, September
7, 2023, South Korea’s largest financial group, Mirae Asset
Securities, with over $500 Billion under manager, announced they
are connecting to the Polygon network. According to the report, the
collaboration aims to increase the adoption of Web3 technologies
and develop a tokenized securities community. Related Reading: Is
Bitcoin A Buy Or Sell? Ark Invest Shares Market Analysis In a press
release, the asset manager said that Polygon Labs will be the chief
technical consultant in the Token Working Group of Mirae Asset
Securities. The asset manager said the group would work
“efficiently” to create infrastructure to issue, exchange, and
distribute token-based securities. According to the Head of
the digital assets division at Mirae Asset Securities, Ahn In-sung:
Polygon Labs is a leading global blockchain technology development
company that is innovating throughout all aspects of Web3. Through
technical collaboration with Polygon Labs, Mirae Asset Securities
aims to establish global leadership in the field of tokenized
securities. Notably, several financial companies are included in
this collaboration. These include Linger Studio and Coin Plug, Hana
Financial, and SK Telecom’s security token consortium, Next Finance
Initiative (NFI). According to the report, Big finance names like
Franklin Templeton and Hamilton Lane, a big investment company with
over $823.9 billion in assets, are already using Polygon for
tokenization projects. Will Polygon’s Partnership With Mirae
Asset Securities Affect MATIC’s Price? The Partnership between
Polygon Labs and Mirae Asset Securities to advance tokenization
will benefit Web3 adoption within the ecosystem and could boost
MATIC’s price. On September 5, Polygon 2.0 was announced with Zero
Knowledge L2 chains, three Governance pillars, and the Polygon
Business Model part of the new upgrades. This upgrade will
likely attract investors like Mirae Asset Securities to rely on
Polygon for different purposes. From September 1-3, MATIC
traded in the $0.54 range but has increased to $0.56 today,
September 7. It implies that the partnership is likely driving the
slight gains noticed in the last 24 hours and might signal an
uptrend ahead for MATIC. MATIC has formed six consecutive
green candles on the daily chart, suggesting buyers defend current
levels. Also, it found critical support at $0.55, with its next
price moves likely to send it to the $0.57 resistance level.
Related Reading: XRP Price Prediction – Breaking This Confluence
Resistance Could Spark Recovery If the buyers persist, MATIC can
break above the $0.57 resistance level and move into an
uptrend. The Relative Strength Index (RSI) indicator, with a
value of 41.57, shows a neutral sentiment among
investors. However, the Moving Average Convergence/Divergence
(MACD) displays a buy signal confirmed by the green Histogram
bars. MATIC will likely record a positive price action in the
coming days based on a more positive investor sentiment and
valuable partnerships. Featured image from Pixabay and chart from
TradingView.com
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