Polygon Crypto Price Jumps on News of Disney Partnership

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Polygon (MATIC-USD) is surely feeling the magic today. The network is rising with news of a partnership with one of the world’s largest media brands, Disney (NYSE:DIS). The news is helping Polygon crypto, MATIC, shake off some of the market bloodbath that has been going on in recent months. Will it be enough to push the coin above its half-dollar rut?

The Polygon Layer 2 network is poised to face some challenges in the coming months, even without market volatility. is built on top Ethereal (ETH-USD), the world’s largest layer 1 decentralized application (dApp) network. Much of Polygon’s appeal is that it’s a fast alternative to the Ethereum chain; users can bring their transactions to Polygon, process them, and avoid the long wait times and high fees of Ethereum.

It is a model that has worked well, particularly in the last couple of years as cryptocurrencies have become more mainstream. With the active user base of Ethereum uptrend, the network may not accommodate these users very well as a proof-of-work network. Polygon benefits as the solution to this. But, with Ethereum ready for its merge update soon, Polygon will need to change its main point of sale. Ethereum will transition to a proof of stake network, drastically reducing transaction times and gas fees.

With this in mind, Polygon is greatly increasing the usability of the network even beyond Ethereum, with its own 4,000 dApps. Since October of last year, Polygon has multiplied by six its dApp network, bringing his total to 19,000. A network that can fulfill just about any need one might have on the blockchain, Polygon is sure to live on even when its point of sale becomes more or less obsolete. And this week, a new partnership adds to the core value of Polygon crypto, MATIC.

Polygon Crypto Gets 20% Boost From Disney Partnership

MATIC-USD, Polygon’s native crypto, is seeing a gain of over 20% this afternoon. With the market in the midst of its most bearish period in years, investors are expecting a major catalyst behind this type of price move. And there it is; the network is receiving development assistance from none other than Disney.

Disney chooses Polygon as one of six projects to participate in its 2022 Accelerator Program. The Disney Accelerator Program is one way Disney helps finance growth-stage companies across multiple targets. Typically, these goals revolve around an annual theme. Later, the projects have a Demo Day to show their results.

This year, the company’s program focuses on the themes of “augmented reality (AR), artificial intelligence (AI) and non-fungible tokens (NFT)”. Polygon is the only blockchain project selected for this year’s show. and is one of three web 3.0 projects. In addition to financial support, Polygon will have a workspace. You will also receive mentoring from program employees.

The selection marks an important step for cryptography and Web 3.0 technology into the mainstream. That explains MATIC-USD’s massive gains today, even in the midst of a severe market downturn. Prices are up 22% and trading volume is up over 100%. It will be interesting to see if the catalyst can help MATIC break through and stay above its price floor. After the May market nosedive, the coin has been stuck between 40 and 60 cents. Right now, it is trading at around 70 cents.

As of the date of publication, Brenden Rearick did not hold (either directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publishing Guidelines.