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Robinhood-Polygon Collaboration Influences Launch of Cross-Chain Exchange

Robinhood-Polygon Collaboration

As of April 27, Robinhood, the investment network, has successfully released a partnership with Polygon, a layer two solution for Ethereum. With this announcement, users are now allowed to swap multiple cryptocurrencies on the Polygon network. 

This year, in 2024, Polygon’s native cryptocurrency, MATIC, is not performing well. However, to the start of the second quarter of 2024, Polygon Polygon experienced a developing phase in terms of integration of datasets and is scaling its take with other blockchains.

Robinhood Wallet, the crypto wallet application on Robinhood, has enlarged its hands by allowing its users to trade multiple cryptocurrencies across blockchain networks. The wallet has successfully joined Cross-chain swaps, knowing that traders directly from the Robinhood wallet app can now exchange tokens supported by OxProject and lifiprotocol from, one chain to another using Polygon’s Proof of Stake (PoS) network. With this, the users can execute fast and secure transactions, according to Polygon.

Hand behind this integration —OxProject and LI.FI

The ability to execute the cross-chain exchange within the wallet has been taken into consideration by empowering the technical framework facilitated by the two prominent projects: OxProject and LI.FI. Now, users can swap any token supported by both platforms, increasing its utility. 

According to the announcement by Polygon: The cross-chain swapping feature is now available to approximately 23 million users on Robinhood. 

Moreover, Polygon owes roughly 1.9 million users using the stablecoins on its home platform. Additionally, this percentage of stablecoin users is higher than that of Ethereum (ETH) and Arbitrum (ARB), which owe 1.4 million, respectively. This notes that by April, Polygon is said to become the priority blockchain for stablecoins and NFTs.

Also read: XRP Price Rises As Ripple Prepares to Face SEC Punishment