Robinhood has announced that it will now be possible to send and receive MATIC on the Polygon network, as well as on the Ethereum network.
Summary
Robinhood expands its cryptocurrency basket with MATIC
With an announcement via Twitter on its official profile, Robinhood announced that it will now be possible for users to receive and send MATICs on the Polygon network. Soon, according to the company’s tweet, it will also be possible to do the same thing with other cryptocurrencies.
Hey! You can now send and receive MATIC on the @0xPolygon network in addition to the @ethereum network. Support for more cryptocurrencies on more networks coming soon.
— Robinhood (@RobinhoodApp) August 31, 2022
This is a major new milestone for MATIC, which on August 13 again surpassed the $1 valuation, only to fall back to $0.83. On July 7, also on Twitter, Polygon announced a partnership with the app Robinhood.
$MATIC ERC-20 deposit/withdrawal support is now available on Robinhood.
All eligible @RobinhoodApp users who signed up for the WebWallets waitlist are now able to send and receive any of the cryptocurrencies currently available on the app.
🌐: https://t.co/r8QFWrn9fP pic.twitter.com/xlVCTWOnMk
— Polygon (Labs) (@0xPolygonLabs) July 7, 2022
The news immediately provoked a positive reaction to the asset, which took it from a low of $0.64 to $0.94 in a few days.
.@0xPolygon $MATIC deposits and withdrawal are live on @RobinhoodApp. 🔥
Continuing to build the infrastructure for mass adoption of Polygon and Ethereum. 💫🦄 https://t.co/V0uDWZs3Eh
— Mihailo Bjelic (@MihailoBjelic) July 7, 2022
MATIC co-founder Mihailo Bjelic, also on Twitter, had made the announcement claiming that this would be a first step toward building an infrastructure for mass adoption of Polygon and Ethereum.
What the Polygon project consists of
Polygon is a Layer 2 of Ethereum, and so far it is one of the most widely used core network scalability solutions. The network consensus algorithm is based on the Proof of Stake model, and developers can build cheaper and more scalable dApps that are, of course, compatible with EVM.
Founded in 2017 by three Indians, Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, its main goal is to make Ethereum cheaper and more scalable.
In 2021, the “Matic” project changed its name to “Polygon,” leaving the token name unchanged, like ETH for Ethereum, and went from a simple Layer 2 blockchain to a full-fledged framework for developing scalable dApps.
Polygon has quickly become a benchmark for the promising NFT market, competing with both Ethereum and Solana.
Social networks choose Polygon for NFT support
Leading social networks have decided to tap the potential of the network. Such as Meta, which announced in July that it had begun its own experimentation in the NFT market by supporting, in addition to Ethereum, the Polygon blockchain itself.
The news was also announced by Polygon CEO Ryan Wyatt, according to whom there is already a signed agreement to become the official network for supporting Non-Fungible Tokens within Facebook and Instagram.
The story of one of the world’s most widely used investment apps
Robinhood is an investment app for traditional financial markets and cryptocurrencies. It is a popular app among independent investing communities, such as Reddit, which became famous with last year’s GameStop stock operation.
The affair was the subject of a real battle, for a week, between hedge funds shorting and the community of independent traders going long.
The case cost Robinhood a market manipulation charge because at one point it had decided to stop trading on the stock.
Robinhood is popular in the United States, especially among young people, because of its characteristic of not using brokers and not charging commissions for trading.
In August of this year, Robinhood announced a 23% reduction in staff due to adverse market conditions, after it had already reduced its workforce by 9% in January.
In recent months Robinhood seems to be increasingly dedicated to the cryptocurrency market as certified by the announcement of a new partnership with Polygon, which will very soon be followed by other agreements with cryptocurrency enterprises, as announced by the company.
