Mirae Asset Securities, one of the major finance powerhouses in Korea, has recently partnered with Polygon, a popular blockchain network. This collaboration has sparked curiosity about how it will affect the price of Polygon’s native cryptocurrency, MATIC. With Mirae Asset Securities’ extensive influence and Polygon’s innovative blockchain technology, the partnership holds the potential to drive significant changes in the tokenized securities community and boost the adoption of Web3 technologies.
In a press release on September 7, 2023, Mirae Asset Securities, which manages over $500 billion, announced its integration with the Polygon network. The collaboration aims to establish a robust infrastructure for issuing, exchanging, and distributing token-based securities. Mirae Asset Securities appointed Polygon Labs as the chief technical consultant in its Token Working Group. The digital assets head of Mirae Asset Securities, Ahn In-sung, expressed confidence in Polygon Labs’ capacity to drive global leadership in tokenized securities. Notably, other financial companies like Linger Studio, Coin Plug, Hana Financial, and Next Finance Initiative (NFI) are also part of this collaboration, further enhancing the expertise involved.
Polygon has been gaining traction in the finance industry, with high-profile names like Franklin Templeton and Hamilton Lane already utilizing Polygon for tokenization projects. The release of Polygon 2.0, featuring Zero Knowledge L2 chains and a refined business model, has further solidified the platform’s appeal. Mirae Asset Securities’ decision to partner with Polygon highlights the growing recognition of Polygon’s capabilities among prominent financial institutions.
The association between Polygon Labs and Mirae Asset Securities in advancing tokenization is expected to have a positive influence on the adoption of Web3 within the ecosystem. This partnership holds the potential to drive increased demand for MATIC and subsequently impact its price. MATIC’s recent price movements reflect the market’s positive response to the collaboration. From September 1-3, MATIC traded within the $0.54 range but has since increased to $0.56, demonstrating a potential uptrend. Additionally, the daily chart indicates six consecutive green candles, suggesting strong buyer support at current levels. The critical support level at $0.55 indicates that any future price movements are likely to push MATIC towards the $0.57 resistance level.
The Relative Strength Index (RSI) currently stands at 41.57, indicating 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 may experience a positive price action in the coming days, fueled by more positive investor sentiment and valuable partnerships like the one with Mirae Asset Securities.
Mirae Asset Securities’ collaboration with Polygon opens up significant opportunities in the tokenized securities community and enhances the adoption of Web3 technologies. The partnership signifies the growing recognition of Polygon’s blockchain capabilities among major financial institutions. MATIC’s price has already responded positively to the news, indicating potential for further growth. As the market sentiment becomes increasingly positive and the demand for tokenization rises, MATIC may experience an uptrend in the near future. Mirae Asset Securities’ choice to join hands with Polygon has the potential to shape the future of the cryptocurrency industry and drive further innovation in the tokenized securities space.