Coinbase Adds Support for Polygon's (MATIC) Rebrand to the Polygon Ecosystem Token (POL)

In a new announcement, Coinbase Assets says it's adding POL to its suite of products with an experimental label, meaning it could display high price volatility or relatively low trading volume.

Major US crypto exchange Coinbase is adding support for the Polygon’s (MATIC) highly anticipated rebrand to the Polygon Ecosystem Token (POL).

Coinbase Assets announced in a new update that POL will be added to its product lineup with an experimental label, indicating that the token may experience high price volatility or low trading volume.

Coinbase announced last month that it had added the token to its listing roadmap, which was created in 2022 to promote transparency and prevent front-running of digital assets.

Polygon began discussing the possibility of rebranding MATIC to POL last July to increase the network’s usage and growth. Sandeep Nailwal, the founder of Polygon Labs, stated about a month later that the transition was part of a broader shift toward greater interoperability.

Nailwal stated at the time:

“POL provides the benefits of multi-chain staking without the additional risks of restaking. With the Polygon 2.0 proposal, the Polygon Ecosystem will expand from a single chain to an ecosystem of L2s (layer-2s) that can easily interoperate and share liquidity with each other.”

It was previously announced that POL and MATIC will not coexist and that POL will become the ecosystem’s native staking and gas token. The community will decide later whether to expand POL’s use cases.

POL is currently trading at $0.37, down 4% in the last 24 hours.

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