Reddit revealed that it holds BTC and ETH in treasury reserves
5 days ago 1 min read

Reddit invests in Bitcoin and Ether, and acquires Matic for virtual goods sales

Reddit Inc has revealed that it holds Bitcoin and Ether in treasury reserves, with Ether and Matic received as payment for sales of certain virtual goods. “We invested some of our excess cash reserves in Bitcoin and Ether and also acquired Ether and Matic as a form of payment for sales of certain virtual goods, which we may continue to do in the future,” the social media of the firm said, adding: Ether and Matic received from the sales of virtual goods was not material for the years ended December 31, 2022 and 2023. In addition, the company said they

MATIC Surges Over 15% as Polygon Transitions to Blockchain Development Platform
2 months ago 1 min read

Polygon’s MATIC Surges Over 15% as Polygon Transitions to the Blockchain Development Platform

MATIC, Polygon’s native token, has seen a significant increase, rising more than 15% in early Wednesday trading. MATIC’s bullish momentum is pushing it towards 2022 highs, despite its price of nearly $1.10. This surge coincides with Polygon’s transition from a scaling solution to a broader blockchain development platform, which has piqued the interest of investors. According to the most recent trading data, MATIC is worth $1.04, a significant increase from its previous support level of around $0.88 earlier in the week. The token’s impressive 15% single-day gain has contributed to a 32% week-to-week gain. MATC‘s 24-hour trading volume has risen

Chainlink and Polygon Experience Price Fluctuations Amidst New Investor Activity
2 months ago 1 min read

Chainlink (LINK) witnesses a 17% drop from its yearly peak of $17.16

Major altcoins Chainlink (LINK) and Polygon (MATIC) have recently experienced significant price fluctuations in the volatile crypto world. Chainlink, which reached a yearly high of $17.16 on December 9, has dropped sharply to $14.25, a 17% drop. Simultaneously, Polygon (MATIC) fell 3.83% in the last 24 hours and 8.50% in the last week and is now trading at $0.779. Despite the price drops, Lookonchain on-chain data analysts have discovered interesting activities in new wallets accumulating both LINK and MATIC. A new wallet (0x8eADf9a958199d769B8927f82BC6dd615a3f8571) withdrew 247,860 LINK ($3.5 million) from Binance in the last two days, while another withdrew 5 million

The US Securities and Exchange Commission (SEC) has classified Polygon (MATIC) as a security
3 months ago 1 min read

The US SEC classifies Polygon (MATIC) as security Security

The US Securities and Exchange Commission (SEC) has classified Polygon (MATIC) as a security, casting a pall over the popular crypto. The SEC’s announcement came as part of a lawsuit against Kraken, accusing the exchange of violating securities laws by operating an unregistered securities exchange, broker, and clearing agency. Polygon, formerly known as MATIC, has been reclassified as a security by regulatory authorities. This echoes similar legal battles faced by other prominent exchanges. The announcement that Polygon has been designated as a security coincides with a significant drop in its market value. The cryptocurrency’s price has recently dropped significantly, and

FTX has completed nearly $36 million in token transfers
3 months ago 1 min read

FTX exchange completes nearly $36 million in MATIC and AVAX tokens transfers

Bankrupt cryptocurrency exchange FTX has completed nearly $36 million in token transfers. According to Lookonchain, the transactions involved Polygon (MATIC) and Avalanche (AVAX). Interestingly, these transfers correspond to FTX’s ongoing settlement negotiations with the US Department of Justice (DOJ), which total $4.3 billion. The MATIC transfer was divided into two sections. One portion, worth approximately $7.45 million in MATIC tokens, was sent to Binance via FalconX. Concurrently, another segment containing 12.6 million MATIC tokens worth approximately $9.6 million was transferred to Coinbase. Additionally, FTX transferred approximately $19.25 million in Avalanche tokens (AVAX) to Binance via FalconX. While FTX has been

Polygon's Proposal to Transform MATIC into POL
8 months ago 1 min read

Polygon Plans to Rebrand MATIC Tokens as POL

Polygon, the popular Ethereum scaling solution, has unveiled its plans for a technical upgrade to its native MATIC token as part of its Polygon 2.0 roadmap. The proposed upgrade, pending community approval, would transform MATIC into POL, a token designed to enhance scalability and security within the Polygon ecosystem. The primary objective of the proposed upgrade is to ensure the scalability of the Polygon ecosystem while maintaining a high level of security. By converting MATIC into POL, Polygon aims to create a token that can be staked across multiple chains within the ecosystem. This expanded functionality allows Polygon validators to

MATIC Whale Activity Soars by 2,930% as Price Targets Significant Milestone
8 months ago 2 mins read

MATIC Whale Transactions Skyrocket 2,930% as Price Approaches Critical Threshold

Polygon (MATIC), a prominent cryptocurrency, has experienced a substantial increase of 2,930% in its large transaction volume within the past 24 hours, as reported by IntoTheBlock. This surge in large transactions, amounting to $163 million, indicates active participation from institutional investors and whales. As MATIC continues its upward trajectory, approaching a crucial price level, it is worth noting that the Polygon proof-of-stake (PoS) network is set to undergo a significant upgrade called the Inborg Upgrade, aimed at enhancing network stability and finality. According to IntoTheBlock data, Polygon (MATIC) has witnessed an impressive 2,930% surge in its large transaction volume over

Revolut Ends Support for Cardano, Polygon, and Solana in the US Market
8 months ago 1 min read

Revolut Withdraws Support for Cardano, Polygon, and Solana in US Market

In a recent email sent to its U.S.-based users on June 28, the prominent U.K. fintech firm Revolut dropped a bombshell announcement: it is discontinuing support for three major cryptocurrencies. Cardano (ADA), Polygon (MATIC), and Solana (SOL) will no longer be available for purchase through the Revolut app, effective immediately. Furthermore, Revolut plans to take things a step further in the future. At an unspecified date, users will no longer be able to hold or sell these cryptocurrencies within the platform. Instead, Revolut will automatically liquidate the tokens and deposit the equivalent cash into each user’s Revolut account. It is

Polygon Labs Proposes Major Upgrade to Polygon PoS Network: Introducing ZK-secured Decentralized L2
8 months ago 2 mins read

Polygon Labs Unveils ‘zkEVM Validium’ Layer 2 Upgrade

Polygon Labs, the team behind the widely-used Polygon PoS chain, has recently unveiled a groundbreaking proposal for a significant upgrade to the network. This upgrade aims to introduce a revolutionary decentralized Layer 2 (L2) solution, fortified by zero-knowledge (ZK) proofs, which will enhance the security, performance, and overall functionality of the Polygon ecosystem. Referred to as Polygon 2.0, this upgrade holds immense promise for the future of blockchain technology. What Sets This Upgrade Apart What sets this upgrade apart is its pioneering nature. It will mark the first time an existing chain of this magnitude and significance has implemented ZK

Crypto Prices Plunge, Suffering Losses of 25% or More
9 months ago 1 min read

Crypto Prices Experienced Significant Drops of 25% or More Yesterday

The cryptocurrency market experienced a significant crash yesterday morning, with many altcoins losing significant value. Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, also experienced losses, but to a lesser extent. The crash was likely triggered by a combination of factors, including the recent lawsuits filed by the Securities and Exchange Commission (SEC) against major crypto exchanges, Coinbase and Binance. The SEC has alleged that these exchanges violated securities laws by selling unregistered securities. The SEC’s lawsuits have heightened regulatory uncertainty in the crypto market, leading to increased selling pressure. This selling pressure was likely exacerbated by the

Polygon Labs has issued a response to the United States SEC claims that MATIC is an unregistered security.
9 months ago 2 mins read

Polygon Labs Defends MATIC Against SEC’s Security Claim

Polygon Labs has issued a response to the United States Securities and Exchange Commission’s (SEC) claims that MATIC is an unregistered security. The team defended MATIC’s status, emphasizing that it was developed and deployed outside the U.S. and focused on the global community supporting the network. They also highlighted MATIC’s role in ensuring the security of the Polygon technology from its inception. Despite Polygon Labs’ statement, MATIC has experienced a price decline, dropping nearly 2% in a single day and over 33% in the past week. Polygon Labs Defends MATIC’s Status In a blog post, Polygon Labs stated that MATIC

Polygon (MATIC) has faced challenges as its exchange supply
9 months ago 1 min read

Polygon Exchange Supply Soars Following Whale’s Large Deposit

Polygon (MATIC) has faced ongoing challenges as its exchange supply, specifically, the amount of MATIC tokens stored in centralized exchanges, experienced a significant spike. This surge in supply is largely attributed to a substantial deposit made by a single whale, adding approximately $95 million worth of MATIC to Binance. The increase in the supply of MATIC on exchanges suggests a higher number of coins being deposited, potentially indicating a trend towards selling. This bearish sentiment can exert downward pressure on the cryptocurrency’s value. Conversely, a decrease in exchange supply signifies investors withdrawing their coins, possibly indicating accumulation and presenting a