Polygon Crypto Jumps on Disney Selection for Accelerator Programme

Polygon’s MATIC token jumped after Walt Disney chose it for a business-development accelerator programme.

MATIC was 1.3% higher Friday morning in Asia after surging 21% on Thursday in the wake of Disney’s announcement that Polygon was one of six companies selected.

“The implications for Polygon are significant, given that it was the only blockchain provider chosen,” Walter Teng, digital-asset strategy associate at Fundstrat, wrote in a note Thursday. Since Disney “hasn’t invested or built an in-house crypto solution, the accelerator marks its foray into the digital-asset space.”

MATIC itself, which was co-founded by Sandeep Nailwal and counts billionaire Mark Cuban as a mentor, is about 75% below its record high in December. But such announcements from a blue-chip company like Disney can raise expectations for greater potential backing and adoption.