Polygon Network gains $320 million in market cap after announcing strategic partnership with Mercedes-Benz.
The price of MATIC, the native cryptocurrency of Polygon Network, is approaching $1 per unit as investor interest is renewed. The surge in MATIC’s price has seen the network gain over $320 million in market capitalization on Friday. Polygon is the 12th most-capable cryptocurrency in the industry, with a total market value of $7.540 billion.
Over the past 24 hours, MATIC's trading volume has also increased significantly. According to CoinMarketCap, Investors are moving more than $1.780 billion daily with MATIC, at the time of going to press.
Source: CoinMarketCap
The reason behind Friday's surge could be the strategic alliance between Polygon and luxury carmaker Mercedes-Benz.
Sandeep Nailwal, one of the co-founders of the Polygon Network, announced the partnership on his Twitter account this week, noting that the German-based car company is the latest major brand to be powered by the Polygon Network.
In the middle of this month, MATIC saw grow its price by almost 10% just hours after Polygon announced an agreement between the blockchain network and The Walt Disney Company's project accelerator.
It may interest you: Polygon has been selected for Disney's project accelerator
Acentrik, a decentralized data marketplace on the Polygon blockchain for Mercedes Benz
The agreement between Polygon and Mercedes-Benz is based on the construction of a secure and scalable marketplace platform for decentralized data exchange, called Acentrik, based on the blockchain.
This marketplace platform, announced by Mercedes-Benz this week, enables companies and corporate users to manage, trade and exchange data, such as insurance and clinical trial information, within a decentralized and trusted environment.
The Acentrik decentralized data marketplace is operated by Daimler South East Asia, part of the Mercedes-Benz Group automotive corporation.
Polygon Network is the leading layer 2 scalability protocol in the crypto industry
Polygon is considered in the crypto community as one of the most innovative blockchain projects and the main layer 2 protocol for scaling Ethereum.
On Twitter, Polygon CEO Ryan Wyatt said the partnership with Mercedes-Benz is further evidence of the widespread adoption the Polygon network is seeing from the world’s leading brands.
Earlier this month, Polygon also partnered with consumer technology company Nothing Technology to integrate natively with Phone 1, the new smartphone from Nothing, with which it seeks to bring its thousands of users closer to blockchain technology and Web3.
In February, Bit2Me also celebrated a partnership with Polygon Network, with the aim of consolidating its strategy of growth and global expansion alongside one of the most innovative projects in the crypto industry.
Note: This article has been updated to indicate that Polygon Network’s market cap grew by $320 million and its total market value is now $7.540 billion, making it the 12th most-cap cryptocurrency in the industry.
Continue reading: From Terra to Polygon: Over 40 projects migrate to Ethereum's second layer
