Robinhood has introduced that it’s going to now be doable to ship and obtain MATIC on the Polygon community, in addition to on the Ethereum community.
Robinhood expands its cryptocurrency basket with MATIC
With an announcement by way of Twitter on its official profile, Robinhood introduced that it’s going to now be doable for customers to obtain and ship MATICs on the Polygon community. Quickly, in accordance with the corporate’s tweet, it is going to even be doable to do the identical factor with different cryptocurrencies.
— Robinhood (@RobinhoodApp) August 31, 2022
This can be a main new milestone for MATIC, which on August 13 once more surpassed the $1 valuation, solely to fall again to $0.83. On July 7, additionally on Twitter, Polygon introduced a partnership with the app Robinhood.
$MATIC ERC-20 deposit/withdrawal help is now out there on Robinhood.
All eligible @RobinhoodApp customers who signed up for the WebWallets waitlist at the moment are in a position to ship and obtain any of the cryptocurrencies presently out there on the app.
— Polygon – MATIC 💜 (@0xPolygon) July 7, 2022
The information instantly provoked a optimistic response to the asset, which took it from a low of $0.64 to $0.94 in a number of days.
Persevering with to construct the infrastructure for mass adoption of Polygon and Ethereum. 💫🦄 https://t.co/V0uDWZs3Eh
— Mihailo Bjelic (@MihailoBjelic) July 7, 2022
MATIC co-founder Mihailo Bjelic, additionally on Twitter, had made the announcement claiming that this could be a primary step towards constructing an infrastructure for mass adoption of Polygon and Ethereum.
What the Polygon mission consists of
Polygon is a Layer 2 of Ethereum, and to date it is among the most generally used core community scalability options. The community consensus algorithm is predicated on the Proof of Stake mannequin, and builders can construct cheaper and extra scalable dApps which might be, in fact, appropriate with EVM.
Based in 2017 by three Indians, Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, its most important purpose is to make Ethereum cheaper and extra scalable.
In 2021, the “Matic” mission modified its identify to “Polygon,” leaving the token identify unchanged, like ETH for Ethereum, and went from a easy Layer 2 blockchain to a full-fledged framework for creating scalable dApps.
Polygon has shortly turn into a benchmark for the promising NFT market, competing with each Ethereum and Solana.
Social networks select Polygon for NFT help
Main social networks have determined to faucet the potential of the community. Reminiscent of Meta, which introduced in July that it had begun its personal experimentation within the NFT market by supporting, along with Ethereum, the Polygon blockchain itself.
The information was additionally introduced by Polygon CEO Ryan Wyatt, in accordance with whom there’s already a signed settlement to turn into the official community for supporting Non-Fungible Tokens inside Facebook and Instagram.
The story of one of many world’s most generally used funding apps
Robinhood is an funding app for conventional monetary markets and cryptocurrencies. It’s a well-liked app amongst impartial investing communities, resembling Reddit, which turned well-known with final yr’s GameStop inventory operation.
The affair was the topic of an actual battle, for per week, between hedge funds shorting and the group of impartial merchants going lengthy.
The case value Robinhood a market manipulation cost as a result of at one level it had determined to cease buying and selling on the inventory.
Robinhood is well-liked in america, particularly amongst younger folks, due to its attribute of not utilizing brokers and not charging commissions for buying and selling.
In August of this yr, Robinhood introduced a 23% reduction in staff resulting from hostile market circumstances, after it had already lowered its workforce by 9% in January.
In current months Robinhood appears to be more and more devoted to the cryptocurrency market as licensed by the announcement of a brand new partnership with Polygon, which is able to very quickly be adopted by different agreements with cryptocurrency enterprises, as introduced by the corporate.