Polygon Sees New Adoption From Bank of Italy and Reddit

Polygon, it has seen renewed interest from Bank of Italy's Asset Tokenization and Reddit 's new Gen-4 Collectible Avatars.

In a new wave of positive developments for Polygon, it has seen renewed interest from Italian Government and Reddit. Bank of Italy has initiated a project on asset tokenization with Polygon and Fireblocks. And Reddit has prepared to drop new Gen-4 collectible avatars on Polygon.

Bank of Italy’s Asset Tokenization

Bank of Italy
Bank of Italy

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 Universit√† 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
  • CBDCs
  • on-chain bonds
  • on-chain equities

About Milano Hub

Milano Hub Partners with Polygon
Milano Hub Partners with Polygon

Milano Hub is a safe and controlled environment provider for Italian financial institutions to help them experiment with cryptocurrencies, defi and blockchain technology. The objectives of the hub is:

  • to support early adoption of digital technologies by the financial markets;
  • facilitate early adoption of solutions and help institutions effectively control associated risk;
  • strengthen the capabilities of intermediaries such as banks, funds, etc., to respond to challenges of digitization.

Reddit Collectible Avatars

Reddit Collectible Avatars on Polygon
Reddit Collectible Avatars on Polygon

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.

Past Adoptions

After Disney dropped it’s metaverse plans and Meta slowed down its investment in its metaverse, Polygon’s token MATIC’s value dropped($0.55) to one third of its 1-year high value($1.56). The fall took place over a period of 4 months from Feb 18, 2023 to June 18, 2023.

Dhirendra Chandra Das
Dhirendra Chandra Das

Dhirendra is a professional with dual degree MBA specializations in Finance and Marketing. He has a keen interest in finance and crypto. Starting his investment journey in Finance since 2015, Dhirendra has more than 8 years experience in Traditional Finance and 3 years experience in Decentralized Finance.

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