Google & Polygon Partner To Drive Growth, MATIC Price To Rally?

On Thursday, Google Cloud and Polygon Labs, which creates software and provide network support for the Polygon platform, announced an extensive partnership agreement. As part of a long-term strategic partnership spanning multiple years, this new initiative will lend assistance to Polygon and its rapidly expanding ecosystem.

Google & Polygon Team Up

As part of the collaboration, Google, an industry leader in cloud computing will update its Blockchain Node Engine to include support for Polygon, which is a layer-2 solution on Ethereum. As reported earlier on CoinGape, Solana and Ethereum are the only blockchains that are currently supported by Google’s Blockchain Node Engine, which is a streamlined mechanism for developers to access and employ blockchains on Google’s servers.

Read More: UK Proposes Stricter Taxes On DeFi, How Does It Impact Stakers & Investors?

While speaking about the partnership, Ryan Wyatt, President of Polygon Labs was quoted as saying:

Today’s announcement with Google Cloud aims to increase transaction throughput enabling use cases in gaming, supply chain management, and DeFi.

“This will pave the way for even more businesses to embrace blockchain technology through Polygon”, he further added.

In addition, Google Cloud will be expanding its infrastructure to support Polygon’s newly launched zkEVM, a much-needed scalability solution for decentralized applications (Dapps) that harnesses ZK-rollups to perform off-chain computations. By the end of the third quarter, Google Cloud will also assist creators in deploying app-based blockchains that were built with Polygon technology on its servers.

Matic Price Poised To Rise?

In light of this crypto news, both the Polygon community and the larger crypto market have reacted positively to the announcement. Market participants are of the opinion that this may eventually result in a bullish scenario for the MATIC token as it sees more impending utility from the growing number of nodes, apps and user accounts being created.

In fact, startups backed by Polygon Ventures — a fund that invests in companies built on Polygon — will be eligible for Google Cloud’s newly announced Web3 startup program and receive credits to use towards hosting software on Google Cloud’s servers.

As things currently stand, the price of MATIC is exchanging hands at $0.063, which represents a gain of 0.35% over the past 1 hour in contrast to a drop of 6% recorded over the last 24 hours. Additionally, it should be noted that MATIC’s technical analysis (TA) indicators at CoinGape’s price tracker presently recommend a sell position, advising “sell” at level 13 and a “buy” at level 3 by its moving averages.

Also Read: UK Proposes Stricter Taxes On DeFi, How Does It Impact Stakers & Investors?

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

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.