Polygon is a Ethereum scaling solution and a Layer-2 blockchain. It has a cryptocurrency MATIC which is the 12th largest by market cap. Initially thought as a separate blockchain, later it became a Layer-2 Ethereum scaling solution which helped process faster transactions while maintaining the same level of security as Ethereum.
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The program was headed by Mike White who was promoted to senior VP of consumer experiences and was assigned to explore new avenues in Web3 in Feb 2022. Disney had earlier chosen Polygon for its metaverse development in October, 2022.
Disney dropped its Metaverse plans amid slowdown in NFT markets in Feb 2023.
Bank of Italy (July 2023)
Bank of Italy is the central bank of the country and has expressed interest in asset tokenization through its Milano Hub. The hub is the central bank’s center for developing innovative ideas in banking and fintech. The hub and its projects aim to help traditional institutions experiment with decentralized finance in a safe, controlled and regulated manner much akin to a sandbox in software development.
Cetif Advisory, a body of Università Cattolica del Sacro Cuore of Milan’s Cetif Research Centre will be the lead institution in the project along with Polygon Labs, Fireblocks(crypto custodian), Reply(tech developer), Linklaters(tax consultant) and DVRS(web3 studio).
Asset tokenization is one of the most popular topics that traditional institutions are exploring. Some of the related sectors where traditional finance institutions might be interested are:
- on-chain collaterals
- automated swaps
- on-chain bonds
- on-chain equities
Reddit (July 2023)
If you have used Reddit, you might be surely knowing about Avatars. These are your personified versions on the social media platform. Reddit prepares to drop its Gen-4 avatars on the Polygon chain on July 26, 2023 on 3:00 pm Eastern Time. These will be the fourth generation of avatars since the avatars debuted in July 2022.
These avatars will be open to further trading much like NFTs.