Coinbase has added the Polygon Ecosystem Token (POL) to its roadmap, leading to a more than 15% surge in POL price. The exchange also announced support for POL on the Polygon and Ethereum networks.
Coinbase Expands Support for Polygon Token
Coinbase's decision to add the Polygon Ecosystem Token (POL) to its roadmap marks a significant step for the crypto exchange. The Polygon community seems to have welcomed the announcement, as evidenced by the rising prices of POL and MATIC tokens. The exchange has started supporting POL on both Polygon and Ethereum networks, enhancing the utility and accessibility of the token for users. Notably, the 'roadmap' listing by the exchange replaces the 'assets under consideration' section, aimed at streamlining the asset listing process and offering clearer guidance for users.
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 token prices. As of writing, the POL price jumped 15% to $0.5251, with trading volumes soaring 115% to $944,379. Simultaneously, the MATIC price increased by about 16% to $0.5252, with trading volumes up 90% to $406.73 million. The cryptocurrency is expected to target the $0.60 level next.
Token Migration Plan
In addition to adding POL, Coinbase has announced a migration of the Polygon ticker from MATIC to POL on the Polygon network starting August 26. The exchange advises users to avoid depositing MATIC on Polygon PoS to prevent disruptions. Trading and transfers for MATIC will be temporarily disabled on the Polygon network from August 26 to September 10 to facilitate the transition. Users staking MATIC through the exchange will continue to receive staking rewards during the migration to POL. This move by one of the leading crypto exchanges is expected to enhance the liquidity and usability of POL, positioning it as a key asset within the crypto ecosystem.
The addition of the Polygon Ecosystem Token (POL) to Coinbase’s roadmap has positively impacted the market, causing token prices to rise. The upcoming migration of the ticker from MATIC to POL is also set to improve POL's liquidity and utility.
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