Polygon (MATIC) was established by a group in October 2017. The project’s crew consists of Jayanti Kanani, Sandeep Nailwal, and Anurag Arjun. Before agreeing to use Ethereum’s network in 2019, the group made major contributions to its ecosystem. The widely used WalletConnect protocol, the Plasma MVP, and the Dagger event notification engine were all successfully ported to Ethereum by the team.
According to a recent official release, BitPay, one of the biggest cryptocurrency payment providers in the world, will now accept MATIC, Polygon’s native coin. Users will be able to buy, store, exchange, and utilize MATIC as well as several other ERC-20 tokens on Polygon, such as USDC, DAI, BUSD, and WBTC, using the BitPay app.
Nailwal said,
“Working with BitPay opens up a new world of commerce to MATIC holders, allowing them to spend with a host of global merchants including Airbnb and Shopify for the first time.”
Aave, Uniswap, and OpenSea, three of the biggest projects, are housed at Polygon. The network has been chosen as the Web3 gateway by companies like Starbucks, Robinhood, and Stripe because of its low costs, speedy transaction speeds, and carbon neutrality, to name a few.
With thousands of customers, BitPay is one of the biggest cryptocurrency payment service providers. As a result, it would allow MATIC to be utilized more frequently all over the world.
Stephen Pair, BitPay’s CEO, further stated,
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.
MATIC shoots up close to $1
The general crypto market experienced some much-needed reprieve this morning. With Bitcoin (BTC) passing the $20k mark, major cryptocurrency ventures started to rise. On the other hand, Ethereum (ETH) had a double-digit uptrend, rising 13.4% during the past day.
The charts for Polygon (MATIC) also saw a rise. The price of the token has increased by 6.7% over the last 24 hours and by 19.7% over the past two weeks. The project finally entered the green after a two-month slump. Even still, MATIC has dropped 67.5% from its all-time high, which it reached in December 2021 at $2.92.
A new record-high number of active addresses was also obtained by Polygon, in addition to the pricing factor. The network counted 449.67k active addresses on October 12.
At the time of writing, MATIC was priced at $0.959829 with a daily rise of 9.0%. The token is getting ever closer to the $1 threshold.