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DraMATIC surge for Polygon this month? Why a new Robinhood partnership is exciting investors

By Alara Jordan

16:13, 3 October 2022

Polygon digital tokens
Polygon integrated as the first blockchain network to support the Robinhood Web3 wallet – Photo: Shutterstock

The layer-2 network solution Polygon (MATIC) and the popular California-based trading platform Robinhood have announced a partnership that will see Polygon integrated as the first blockchain network to support the newly launched Robinhood Web3 wallet.

The Robinhood wallet went live in beta mode for 10,000 iOS customers out of more than one million users who first signed up for the waitlist in May.

Polygon’s native token MATIC rose 16% to a high of $0.93 on September 13, before falling towards the mid $0.70 mark.

The cryptocurrency had been struggling for much of the earlier months of 2022, but now remains bullish, with investors curious about the cryptocurrency’s next price target.

MATIC to USD

Milestone

Robinhood’s exclusive partnership with Polygon is a milestone for the blockchain, which offers users a network that claims to have significantly lower gas fees.

ETH/USD

3,534.28 Price
+0.570% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

174.73 Price
+2.800% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

BTC/USD

67,477.60 Price
+0.730% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

XRP/USD

0.60 Price
+3.390% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

There are more than 37,000 decentralised applications on Polygon’s platform, and the pair hope the partnership with Robinhood will help to build momentum around the network and its native token, as well as bring millions of customers to self-custody wallets via low gas infrastructures.

Johann Kerbrat, chief technology officer at Robinhood Crypto, said that the partnership marks a “significant step” in the trading firm’s journey to make itelf the most trusted crypto platform for customers. 

Robinhood said that it chose to work with the blockchain because of its scalability, speed and low network fees, in an attempt to provide the best trading experience for its customers. 

At the time of writing on 3 October, Polygon was trading at $0.78, up 3.02% in the previous 24 hours. It currently has a market capitalisation of $6.8bn. 

Markets in this article

MATIC/USD
MATIC/USD
0.56184 USD
0.01068 +2.010%

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Related reading

The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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