11/4/2022 | Barron's

It’s Not Just Dogecoin. Polygon Soars After Adoption by JPMorgan and Meta.

It’s Not Just Dogecoin. Polygon Soars After Adoption by JPMorgan and Meta.

Dogecoin DOGEUSD isn’t the only smaller digital asset that soared this week amid optimism of meaningful corporate adoption of cryptocurrency. Polygon MATICUSD –0.36% is tearing higher following moves by JPMorgan Chase JPM +2.74% and Meta Platforms META +2.11% to use the blockchain network.

The token underpinning Polygon—a “layer 2” blockchain that sits atop the popular Ethereum ETHUSD –0.10% network—has jumped 35% since Wednesday, including a 20% gain in the past 24 hours.