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Polygon and Disney...A match made in heaven?

Top entertainment company meets top blockchain.

Namashkar Degens. This is your Doodhwala, here to deliver today's taaza crypto news so that you can finally mean it when you say "I am DEEP into crypto" to all your friends.

What's on the docket today:

  • Polygon and Disney are tag teaming

  • Big daddy Celsius is going broke

Polygon and Disney are tag teaming

Polygon, one of the biggest Ethereum Layer 2 solutions and an Indian crypto unicorn, recently announced that it is going to be part of the Disney Accelerator Program this year.

So is it a big deal or just meh?

Well, the Disney Accelerator is designed to give full access to the creative expertise and resources of The Walt Disney Company!

Walt Disney Company
you know
the company with an $80 billion (that’s Billion with a capital B) annual revenue and the company that made us sit through six Ice Age movies! SIX!

Jokes aside, this is indeed pretty big, not just for Polygon but also for Disney:

Disney doesn't have a direct play in crypto. At least not yet.

But as you might already know
every Ramesh, Suresh and Mahesh wants to be in crypto.

And so does Disney.

If not now, then soon.

And who better to kick it off with than one of the leading projects in the space.

Maybe that’s also why two other crypto projects are part of the current accelerator-

Flickplay, a web3 social app and Lockverse, a web3 platform for creators.

For Polygon, their recent efforts to move into the gaming and entertainment aspect of crypto with Polygon Studios will benefit the most from this.

The expertise they’ll acquire from the entertainment machine that is Disney will be HUGE.

All in all, this is great news for everyone.

Doodhwala’s take: Polygon and Disney. Rab ne banadi jodi.

Celsius is about to blow up

You remember Celsius? Yeah, the lending platform with over $12 billion in AUM that blew up last month.

They just filed for Chapter 11 bankruptcy.

Like you, I’m not a lawyer or a legal nerd (is there such a creature), so i googled what a chapter 11 is so you don’t have to.

Here’s what Google said:

Named after the U.S. bankruptcy code 11, corporations generally file Chapter 11 if they require time to restructure their debts. This version of bankruptcy gives the debtor a fresh start. However, the terms are subject to the debtor’s fulfilment of its obligations under the plan of reorganization.

They’re filing for chapter 11 because it will be beneficial to “all stakeholders.”

Celsius is not requesting authority for customer withdrawals because it would lead to a first come first serve outflow of funds. This would leave those at the end of the line with no money to withdraw.

Bummer.

Oh well! It’s better to wait and see if the courts can give back Celisus’ customers their funds. And not just the early birds, but all of them!

Doodhwala’s take: Yeah, Celsius’ is in deep shit. Filing for bankruptcy is not a good look. It’s like when you’re caught with a Sallu Bhai profile picture on your Facebook from school.

We hope Celisus’ customers get back their crypto tho.

That’s all for today peeps! Kal Milenge!

Btw Shaan, we see you. To those of you who are living under a rock, Shaan writes TheMilkRoad, the inspiration behind Doodhwala. You’ll be seeing a lot more of us 😉