MATIC price likely to benefit from Polygon’s partnership with the world’s largest Telecom giant
- Polygon secured a partnership with Deutsche Telekom, with the giant joining MATIC network as a validator.
- The collaboration between the Layer-2 scaling platform and the world’s leading telecommunications provider is bullish for the Polygon ecosystem.
- Polygon’s native token MATIC yielded 3% gains for holders over the past two weeks.
Polygon, Ethereum’s largest Layer-2 scaling solution, entered a partnership with Deutsche Telekom, a telecommunications giant. The firm joined the Polygon ecosystem as a validator.
Also read: Ethereum holders pull $1 billion in ETH off exchanges hinting retail-led rally
Polygon and Deutsche Telekom enter partnership
Polygon network has garnered support from one of the largest telecommunications giants worldwide. Deutsche Telekom has expanded its activities into blockchain technology and extended support to the MATIC ecosystem, joining the network as a validator.
The Polygon network has 100 validators and the telecommunications giant is now one of them, supporting the MATIC network and strengthening its security. Dirk Röder, Head of the Blockchain Solutions Center at Deutsche Telekom, was quoted as saying,
The collaboration with Polygon is an important step for Deutsche Telekom MMS to fully exploit the potential of blockchain technology…Deutsche Telekom MMS also supports Polygon staking, contributing to the security and decentralization of the blockchain.
.@deutschetelekom, one of the world’s largest telecommunications companies, is extending support for Polygon infrastructure by becoming one of the validators on the Polygon PoS network. pic.twitter.com/ZuSjqCKq0E
— Polygon (Labs) (@0xPolygonLabs) May 31, 2023
How this partnership could catalyze MATIC price recovery?
MATIC is the native token of the Polygon ecosystem. A partnership with the telecom giant is likely to fuel a bullish sentiment among MATIC holders and catalyze the token’s recovery. At press time, MATIC price is $0.8869 and the Layer-2 scaling token has yielded upwards of 3% gains for holders over the past two weeks.
MATIC/USD price chart on CoinGecko
The altcoin is likely to attempt recovery to its weekly high of $0.9491 in its upward trajectory.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
