A major Korean finance powerhouse, Mirae Asset Securities, has recently announced its collaboration with Polygon, a popular blockchain network. This partnership has sparked interest and curiosity about how it will potentially affect the price of Polygon’s native cryptocurrency, MATIC.
In the early hours of September 7, 2023, Mirae Asset Securities, South Korea’s largest financial group with over $500 billion under management, revealed their connection to the Polygon network. The primary goal of this collaboration is to encourage the adoption of Web3 technologies and establish a community for tokenized securities.
Mirae Asset Securities has designated Polygon Labs as the chief technical consultant in the Token Working Group. The collaboration between these entities will focus on the efficient creation of a robust infrastructure for issuing, exchanging, and distributing token-based securities. Ahn In-sung, the Head of the digital assets division at Mirae Asset Securities, stated that Polygon Labs is a key global blockchain technology development company at the forefront of Web3 innovation. The partnership aims to position Mirae Asset Securities as a global leader in tokenized securities.
Mirae Asset Securities’ collaboration with Polygon involves several notable financial companies, including Linger Studio, Coin Plug, Hana Financial, and SK Telecom’s security token consortium, Next Finance Initiative (NFI). Additionally, established finance names like Franklin Templeton and Hamilton Lane, with over $823.9 billion in assets, are already utilizing Polygon for tokenization projects. This diverse collaboration creates a fertile ground for advancing tokenization within the Web3 ecosystem and potentially influencing the MATIC price.
Polygon recently introduced Polygon 2.0, which incorporates Zero Knowledge L2 chains, three Governance pillars, and a revised Polygon Business Model. These upgrades are expected to attract more investors, including Mirae Asset Securities, who may rely on Polygon for various purposes. The integration of Polygon’s enhanced features and Mirae Asset Securities’ expertise could further drive interest and confidence in MATIC.
Over the past few days, MATIC has experienced a slight increase in price. From September 1 to September 3, it traded in the $0.54 range but has now risen to $0.56. This upward movement suggests that the partnership between Polygon and Mirae Asset Securities has played a role in the recent price gains. Furthermore, MATIC has formed six consecutive green candles on the daily chart, indicating strong buyer support. It also found critical support at $0.55, and its next price movements could potentially push it towards the $0.57 resistance level.
If buyer momentum continues, MATIC has the potential to break above the $0.57 resistance level and enter an uptrend. The Relative Strength Index (RSI) currently sits at 41.57, reflecting a neutral sentiment among investors. However, the Moving Average Convergence/Divergence (MACD) presents a buy signal, as confirmed by the presence of green Histogram bars. These technical indicators suggest that MATIC might experience positive price action in the coming days, boosted by improved investor sentiment and valuable partnerships.
Mirae Asset Securities’ collaboration with Polygon has generated significant interest in the market, particularly regarding its potential impact on MATIC’s price. By leveraging Polygon’s blockchain technology and expertise, Mirae Asset Securities aims to strengthen its position as a global leader in tokenized securities. The broad collaboration involving various financial companies further emphasizes the significance of this partnership. As Polygon continues to upgrade its network and attract more investors, the future of MATIC appears promising, with the potential for positive price movements and increased adoption within the Web3 ecosystem.