Robinhood-Polygon Collaboration Influences Launch of Cross-Chain Exchange

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.

.@0xPolygon is the leading EVM chain by number of NFT transactions.

Transactions counted here are those that involve NFT transfers only, where they counted the number of distinct hashes in the ERC721 and ERC1155 tables.

This highlights that @0xPolygon's NFT ecosystem is the… pic.twitter.com/4Jvkd15hJv

— Polygon Stats (@polygonstats) April 25, 2024

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.

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

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