Coinbase Adds Support for Polygon (POL), MATIC Spikes 12% in 24 Hours

Coinbase, the largest cryptocurrency exchange in the United States by trading volume, has announced its support for the Polygon Ecosystem Token (POL).

Coinbase, the largest cryptocurrency exchange in the United States by trading volume, has announced its support for the Polygon Ecosystem Token (POL). This support extends to both the Polygon and Ethereum networks, marking a significant milestone for the Polygon community.

Starting 8/26, we will be migrating the Polygon ticker from MATIC to POL on the Polygon Network. Between 8/26 and 9/10, send/receive will be disabled for MATIC on the Polygon Network in order to successfully complete the ticker change from MATIC to POL. Here is what to expect:

— Coinbase Assets 🛡️ (@CoinbaseAssets) August 21, 2024

Beginning on August 26, Coinbase will change the ticker for Polygon from MATIC to POL on the Polygon Network. This adjustment is part of a larger upgrade from MATIC to POL, set to be finalized by September 4, 2024.

Coinbase to Migrate Polygon Ticker from MATIC to POL on August 26 Coinbase, the leading cryptocurrency exchange in the United States, has announced that it will be migrating the Polygon ticker from MATIC to POL on the Polygon Network starting August 26. This change is part of the broader MATIC to POL upgrade, which is expected to be completed by September 4, 2024.

During this migration period, trading activity for MATIC on the Polygon Network will be disabled to ensure a smooth transition. Coinbase has advised users against depositing MATIC on the Polygon PoS chain during this time.

Additionally, the sending and receiving of tokens on Polygon, such as VOXEL, USDC, CBETH, and WETH, will be temporarily disabled. However, trading for both MATIC and POL on the Ethereum network will continue to be supported until further notice.

As reported by Coinpedia, the introduction of POL is part of PIP-17, which was announced last year and involved renaming MATIC to POL. The ERC-20 contracts for POL were launched on Ethereum in October 2023.

According to Polygon, this upgrade is not only exciting but also highly anticipated, as it enhances the capabilities of Polygon’s native token, aligning with and advancing its grand vision.

Coinbase's support for POL on both the Polygon and Ethereum networks marks a significant development for the Polygon community. The recent price surge of MATIC highlights the positive market response to this announcement, setting the stage for a promising future for POL.