Polygon (MATIC) surges as professional investors eye investments

Karthik Subramanian

Polygon, the Layer 2 solution on Ethereum that is fast emerging as an alternative to the network that it sits on, has seen its value surge over the last few days on the back of several new projects being launched and upgrades to the network.


One of the major news to come out of the Polygon network is the announcement that Polygon has tied up with Wanchain to improve the adoption of Layer 2 cross-chain bridges.

Cross-Chain is the Talking Point

Cross-chain is one of the major talking points in the industry right now as it has been seeing a proliferation of many blockchain networks over the last couple of years and all these networks have been isolated from each other so far which means that the users, the applications and the developers are basically stuck in each of these chains with no way to talk to other applications or networks or transfer assets across chains. It is only in recent times that many development teams have started to look into this problem seriously and Wanchain is one such solution.

Li Ni, Wanchain VP of Business Development and Operations, stated: “We recognised that needing to pass through Ethereum when moving from one Layer 2 to another is self-defeating and completely undermines the improved scalability promised by Polygon. Wanchain’s new Layer 2 bridges preserve the high transaction throughput and low costs of Polygon while remaining efficient, versatile and decentralised.”

Wanchain Partnership with Polygon

Wanchain already supports several networks and tokens including Bitcoin, Ethereum, BSC, Litecoin, Avalanche and others and the integration of Polygon into this network of chains would enable cross-chain transactions even further and Polygon is likely to benefit a lot from this due to the stability, reliability, low-cost and the speed that it offers for transactions.

Due to all these developments on the Polygon network over the last year or so, we are getting reports that many of the professional investment entities like Steadview Capital and Sequoia Capital India are looking to invest into the company by the purchase of its native MATIC tokens. This has led to a sharp rise in the price of the tokens which has seen it clear $2 pretty easily and it is expected that as long as the overall crypto market remains bullish, the MATIC token is likely to be the best performing of the lot in the short term.

Read this next

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX

Public.com goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales.