Key takeaways
Why did Mastercard choose Polygon?
Mastercard tapped Polygon to run verified usernames for self-custody wallets through its Crypto Credential system.
What is the outlook for POL prices despite the partnership?
POL is still under downward pressure and may fall to $0.13 unless new demand lifts it back towards $0.16.
With increasing institutional acceptance of cryptocurrencies and Web 3, MasterCard He joined the bandwagon, Expanding its crypto credentials to include self-custodial wallets.
A month ago, Mastercard announced the creation of a self-custodial Web3 card that allows users around the world to maintain custody, in collaboration with Polygon Labs and Mercuryo.
Mastercard is moving to self-custodial wallets
according to Official reportsShe chose MasterCard ribbed [POL] To operate its system that allows users to send cryptocurrencies to verified usernames.
Therefore, users will use usernames instead of the commonly used long wallet addresses.
Mercuryo will be the initial issuer, onboarding verified users, and allowing the creation of aliases for Mastercard Crypto credentials.
according to ribbedUsing Mastercard Crypto credentials, users can join once, get a verified username, link a wallet, and access their assets.
The introduction of this feature aims to reduce transmission errors and make encryption tools easier and easier for all users to use.
Will this enhance polygon usage?
These developments arose at the right time, as Polygon network activity was recovering from a recent decline.
The series’ active titles have bounced back, reclaiming the million mark, reaching 1.19 million as of this writing. Meanwhile, transactions also recovered 5 million, reaching a high of 5.39 at press time.
Source: Devilama
Through the partnership with MasterCard, the chain’s network activity is expected to increase further. This is because Polygon’s integration into the Mastercard stack exposes the series to millions of potential users.
Therefore, we can see the chain recording more transactions supported by an increasing number of active addresses.
What about Paul?
Surprisingly, the latest announcement has not yet had a positive impact on POL’s price action. In fact, at press time, POL is trading at $0.145, down 3.24% on the daily charts.
Amid this decline, the symbol has remained below the moving averages (MA) since it achieved a dead crossover three weeks ago, reflecting intense downward pressure.
Source: Trading View
Besides, the positive indicator of the Directional Movement Index (DMI) has continuously declined, reaching a low of 9 at press time.
These market conditions indicate complete bear dominance, exposing POL to further losses. If this trend continues, the token will drop to $0.13.
However, if Mastercard brings in a new order, it will boost the POL until it gets back $0.16.
