Reddit to Accept Polygon (MATIC) for Payments
Social media platform Reddit has revealed in its IPO filing that it has been testing blockchain technology by purchasing Ether and Polygon (MATIC) for the sale of specific virtual goods. While the amounts are not significant, Reddit expressed the possibility of using these cryptocurrencies as payment options in the future, indicating its willingness to work with Ethereum Layer-2 solutions like Polygon. The company also acknowledged the potential of blockchain-related technologies but expressed uncertainty about their long-term adoption.
MATIC Price Action and Outlook
The MATIC price experienced selling pressure after Polygon’s token unlock announcement but quickly recovered. It closed above the $0.96 support level, opening up the possibility of a significant price rally to $1.73. The complete circulation of the MATIC supply is seen as a positive factor for the digital asset, as it eliminates concerns about inflation and additional tokens entering the market.
Hot Take: MATIC Shows Resilience and Potential
Polygon’s native cryptocurrency MATIC has demonstrated resilience by recovering from a drop and showing positive price action. The news of Reddit considering MATIC for payments further highlights its potential and acceptance among major market players. With its integration into Ethereum Layer-2 solutions, Polygon is exploring new opportunities and positioning itself as a key player in blockchain technology adoption. As more companies and platforms like Reddit embrace cryptocurrencies, the long-term prospects for MATIC and other digital assets continue to improve. Keep an eye on MATIC as it may present lucrative investment opportunities in the future.
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