Crypto news: Polygon and Robinhood have formed a partnership to enable cross-chain swaps. Thanks to this collaboration, users can now use Polygon’s PoS to make cross-chain exchanges directly in the Robinhood Wallet. 

Let’s see all the details below. 

Polygon and Robinhood: increased engagement on both crypto platforms

As anticipated, the recent collaboration between Polygon (MATIC) and Robinhood Wallet represents an important development in the second quarter strategy of 2024.

Thanks to this partnership, in fact, users can use the proof-of-stake (PoS) network of Polygon to make cross-chain swaps directly within Robinhood Wallet.

The partnership, announced on April 27, 2024, leverages the LI.FI and 0x Project technologies, making token exchange on different blockchains much simpler. 

With this feature, which enriches the trading options, Robinhood’s 23 million users can benefit from greater flexibility.

This collaboration not only offers new opportunities to Robinhood’s customers, but also highlights the growing influence of Polygon in the blockchain sector. 

Although at the beginning of the second quarter the price of MATIC was not particularly brilliant, the recent technological integrations have kept Polygon in the spotlight.

Robinhood, on the other hand, has proven to be at the forefront in improving its services. In December 2023, it had already expanded cryptocurrency trading to the European Union and had included all spot ETFs on Bitcoin.

It is expected that the integration of cross-chain exchange capability will lead to increased user engagement on both platforms. 

This partnership confirms Polygon’s role as a technological leader in the blockchain world and allows Robinhood to offer a more diversified range of services.

Polygon’s leadership in the world of NFTs and stablecoins

In recent times, Polygon has emerged as a leader in NFT transactions on the Ethereum Virtual Machine. This significant progress demonstrates how advanced the platform is in the NFT sector.

Polygon has also announced a significant milestone in the use of stablecoins, demonstrating its strength. 

Even though Ethereum and Arbitrum each have about 1.4 million users, Polygon boasts a whopping 1.9 million on-chain stablecoin users, highlighting its robust infrastructure and user trust. These factors allow Polygon to attract more and more users.

Polygon (MATIC): uncertain price with conflicting signals from the market

The price of Polygon (MATIC) is facing a moment of uncertainty due to conflicting signals coming from both the market and investors. 

Despite the possibility of both an increase and a decrease, the MATIC token tends to lean more towards the first scenario.

The price of MATIC has fluctuated within a narrow range in the last two days, due to the lack of a clear direction, especially after the recent decline of Bitcoin. 

Polygon investors are showing contrasting behaviors, with some active ones positioning themselves as bullish or neutral, while others are taking a more bearish view.

The average age of coins, which measures the average age of all coins in circulation, is one of the indicators that reflect this uncertainty. 

An older average age suggests that investors are holding onto their coins, also known as HODLing, a signal generally considered bullish in growing markets. 

This behavior indicates that investors are less likely to sell, providing some stability to prices.

Currently, the price of MATIC is trading at around 0.71 dollars, after failing to surpass the resistance at 0.76 dollars. 

This barrier has been in place for over a week, and the support at $0.64 has been tested twice in the last few days, consolidating the trading range. 

With this configuration, the altcoin could continue to move sideways between 0.76 and 0.61 dollars, although there is the possibility of a breakout in either direction.