Coinbase announced it will support POL on both Polygon and Ethereum networks and will rebrand the Polygon ticker.
As a result of the addition of Polygon Ecosystem Token to the roadmap of the main cryptocurrency exchange Coinbase, the price of POL has increased by more than fifteen percent.
As a further announcement, the exchange stated that it will provide support for POL on both the Polygon and Ethereum networks, which fueled market excitement. In addition, the cryptocurrency exchange made a separate announcement in which it stated that it will move the Polygon ticker from MATIC to POL on the Polygon network.
Coinbase Expands Support For Polygon Ecosystem Token
Coinbase recently made a significant step by including Polygon Ecosystem Token (POL) on its roadmap. Given that the POL and MATIC token prices have skyrocketed, it appears that the Polygon community has given their approval of the statement.
Users of the exchange have benefited from increased utility and accessibility of the token as a result of the exchange’s decision to begin offering POL on both the Polygon and Ethereum networks.
It is important to note that the “roadmap” listing that the exchange has created is a substitute for the “assets under consideration” part. We made this adjustment to streamline the asset listing process and give users more precise guidance.
In the meantime, the Polygon network is undergoing a considerable shift as a result of the integration of Polygon. In addition, the cryptocurrency exchange has declared that beginning on August 26th, it will begin the process of moving the Polygon ticker from MATIC to POL on the Polygon cryptocurrency network.
Because this ticker change is one of the most important phases in the network’s evolution, the exchange has encouraged customers to refrain from depositing MATIC on Polygon PoS in order to alleviate any potential problems.
To streamline the transition process, the exchange has announced a temporary block on trading and transfers for MATIC on the Polygon network between August 26 and September 10.
The exchange has given users the assurance that those who have staked MATIC through the cryptocurrency exchange will continue to earn staking rewards even after the transfer to POL has taken place.
POL And MATIC Prices Rally
It is anticipated that this action taken by one of the most prominent cryptocurrency exchanges would improve the liquidity and usability of POL, thereby establishing it as an essential asset within the cryptocurrency ecosystem.
Coinbase’s decision to include POL on its roadmap has resulted in a favourable reaction from the market, as demonstrated by the significant increase in the prices of the tokens. As of today, POL’s price has surged by 15% to $0.5251, and its trading volume has surged by 115% to $944,379.
During this period, MATIC’s price increased by approximately 16%, reaching $0.5252, while its trading volume increased by 90%, reaching $406.73 million. Furthermore, Polygon’s recent price study indicates that the cryptocurrency could potentially target the $0.60 mark in the near future.
In the meantime, the exchange is getting ready to completely switch from MATIC to POL, and in preparation for this transformation, the exchange has developed a comprehensive plan to ensure that its users have a seamless transition.
Coinbase anticipates completing the migration within the next few months and will continue to provide updates on the timing and process. During this time period, trading for MATIC and POL on Ethereum will continue. This will ensure that users will continue to have uninterrupted access to their assets.
