HomeCryptoAltcoinRobinhood adds MATIC to its cryptocurrency offering

Robinhood adds MATIC to its cryptocurrency offering

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.

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.

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.

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.

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.

Vincenzo Cacioppoli
Vincenzo Cacioppoli
Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.