Reputable cryptocurrency exchange Robinhood has released an important announcement. Accordingly, users will now have the advantage of trading with an altcoin project.
Robinhood has decided to list this altcoin project
Robinhood has recently enabled the ability to send and receive MATIC via the popular Ethereum layer-2 scaling solution Polygon. The company’s customers will now have the advantage of lending, borrowing and exchanging MATIC for other tokens.
They will also be able to provide liquidity to Polygon, a Proof-of-Stake Blockchain. However, the latest move surrounding the altcoin project is part of a bigger plan for Robinhood. The company aims to provide support for additional cryptocurrencies in more networks in the near future.
Robinhood adds support for many altcoins
As we reported as Kriptokoin.com, Robinhood supported altcoin projects such as Stellar (XLM) and Avalanche (AVAX) in the first period of August. Prior to that, it also provided support for Polygon (MATIC), Solana (SOL), and Shiba Inu (SHIB). The company says it has become “increasingly more expensive” to send crypto to the Ethereum network due to rising gas fees.
The Polygon network makes it possible to explore Web3 with much lower gas fees while benefiting from faster transactions. Therefore, Robinhood’s move seems to be very beneficial for its customers. Last month, Robinhood announced that the number of users on its Web 3.0 wallet waitlist has exceeded one million. Earlier this year, the popular trading app made the decision to allow its users to deposit and withdraw cryptocurrencies.
Why Polygon got on Robinhood’s radar
Polygon allows users to perform faster and cheaper transactions. It does this as a popular layer-2 scaling solution for the Ethereum network based on sidechains. In June, the altcoin offset the carbon footprint of all transactions. He then made an announcement that carbon neutrality would be achieved. According to CoinMarketCap, MATIC, the native token of the Polygon network, is currently ranked 12th by market cap. is located.
These features may have caught Robinhood’s attention given Ethereum’s problems. In addition, Polygon has a collaboration with Meta, the world’s leading social media company. Meta is working to deliver NFTs on Facebook and Instagram. For this, the giant company agreed with Flow and Polygon. The feature, which is expected to be introduced to the main application after Meta’s tests, has the potential to bring huge adoption. This will skyrocket adoption of NFTs on the Polygon network. Thus, the MATIC price can also take a share of it and run bulls.
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