Coinbase Adds Support For Polygon Ecosystem Token, POL Price Soars 15%

The leading crypto Coinbase has added Polygon Ecosystem Token to its roadmap today, following which the POL price soared over 15%. The exchange also announced that it would be supporting POL on both Polygon and Ethereum networks, fueling market interests. In addition, in a separate announcement, the crypto exchange said that it will migrate the Polygon ticker from MATIC to POL on the Polygon network.

Coinbase Expands Support For Polygon Ecosystem Token

The latest decision by Coinbase to add Polygon Ecosystem Token (POL) to its roadmap marks a significant step by the crypto exchange. The Polygon community seems to have lauded the announcement, as evidenced by the soaring prices of the POL and MATIC tokens.

The exchange started supporting POL on both Polygon and Ethereum networks, enhancing the utility and accessibility of the token for its users. Notably, the “roadmap” listing by the exchange is a replacement for the “assets under consideration” section, which aims to streamline the asset listing process and provide clearer guidance for users.

Meanwhile, the integration of POL marks a significant transition for the Polygon network. In addition, the crypto exchange has announced that it will migrate the Polygon ticker from MATIC to POL on the Polygon network starting August 26.

This ticker change is one of the critical steps in the network’s evolution, and the exchange has advised users to avoid depositing MATIC on Polygon PoS to prevent any disruptions. Notably, trading and transfers for MATIC will be temporarily disabled on the Polygon network between August 26 and September 10 to facilitate a smooth transition, the exchange said.

The exchange has assured users that those who have staked MATIC through the crypto exchange will continue to receive staking rewards, even as the migration to POL takes place. This move by one of the top crypto exchanges is expected to enhance the liquidity and usability of POL, positioning it as a key asset within the crypto ecosystem.

POL And MATIC Prices Rally

The addition of POL to Coinbase’s roadmap has sparked a positive market reaction, as evidenced by the surge in the tokens’ prices. As of writing, POL price jumped 15% to $0.5251, with its trading volume skyrocketing 115% to $944,379.

Simultaneously, the MATIC price jumped about 16% to $0.5252, with its trading volume soaring 90% to $406.73 million. In addition, a recent Polygon price analysis indicates that the crypto could target the $0.60 level next.

Meanwhile, as the exchange prepares to fully migrate from MATIC to POL, the exchange has outlined a detailed plan to ensure a smooth transition for its users. The migration is set to be completed in the coming months, with Coinbase providing updates on the timeline and process.

During this period, trading for both MATIC and POL on Ethereum will continue, ensuring that users have access to their assets without interruption.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.