Robinhood Embraces Polygon: Catalyst for NFT Expansion and Stablecoin Growth

• Polygon and Robinhood have teamed up to advance NFT and stablecoin offerings.
• Robinhood has continued to immerse itself in crypto with recent European expansion.

In a recent development, the popular trading platform Robinhood teamed up with Polygon (MATIC) in a bold partnership. This collaboration represents a gateway for Non-Fungible Token (NFT) expansion and growth in stablecoin.

Robinhood Wallet Utilizes Polygon’s PoS

Polygon’s team announced in an X post that Robinhood Wallet now supports cross-chain swaps using Polygon‘s Proof-of-Stake network (PoS). Polygon highlighted that the collaboration was possible through support from 0x Project and LI.FI.

Robinhood Wallet has enabled crosschain swaps on Polygon PoS for tokens supported by @0xProject and @lifiprotocol.

enabling onchain access to over 23 million users on @RobinhoodApp pic.twitter.com/JbUGxUdiVT

— Polygon | Aggregated (@0xPolygon) April 26, 2024

With the incorporation of swap chain functionality, user engagement on both platforms is anticipated to increase. Notably, the partnership opens on-chain access to over 23 million users on Robinhood. It confirms Polygon’s leadership status in the crypto space while allowing Robinhood to offer more diversified services.

The announcement constitutes another achievement for Polygon in its portfolio of Q2, 2024 successes. As regards NFT-related transactions, Polygon has emerged as the top Ethereum Virtual Machine blockchain in the past 30 days. This achievement is noteworthy as it aligns with growing interests and activity in the NFT landscape. Both creators and collectors have found the network appealing due to Polygon’s ability to facilitate these transactions efficiently.

In a further move into stablecoin expansion, Polygon registered 1.9 million on-chain stablecoin users, surpassing major competitors such as Ethereum (ETH) and Arbitrum (ARB), onboarding only 1.4 million stablecoin users each.

Although these developments demonstrate Polygon’s dedication to growing its ecosystem, they come amid a price decline for MATIC. Currently, MATIC is trading at $0.7006, demonstrating a decline of 3.9% within the past day.

The trading volume also decreased by 8.3% to $220 million, indicating subdued interest in the cryptocurrency. On the flip side, it could also mean that investors are gearing up for the next support level.

Robinhood’s Crypto Activities

Robinhood has been proactive in improving its service offerings. It was among the first applications to list all spot Bitcoin Exchange-Traded Funds (ETFs) for trading.  In line with what Crypto News Flash previously disclosed, Robinhood sees crypto as the financial framework of the future.

Also, the platform opened its doors to the European market in December. Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were among the cryptocurrencies that became available for European crypto enthusiasts. Robinhood Wallet offers features like asset swaps and full control over private keys. These features empower users to participate confidently in the crypto economy.

To entice new users in the European market, Robinhood said it will return a portion of each trade every month to them. This will be paid back into the customer’s account based on the total amount exchanged that month. Also, new users can earn up to 1 BTC for signing up and an equal amount for their first 300 recommendations, according to a prior report by Crypto News Flash.